Coinbase CEO Criticizes Chase UK’s Anti-Crypto Policy
Brian Armstrong, the CEO of cryptocurrency exchange Coinbase, expressed his disapproval of JPMorgan’s British retail bank, Chase UK, for implementing a policy that blocks all crypto-related payments. In a social media post, Armstrong called the move “totally inappropriate” and advised UK crypto holders to close their Chase accounts if they are treated this way.
Armstrong Calls on British Government to Intervene
Armstrong also reached out to British Prime Minister Rishi Sunak and Member of Parliament Andrew Griffith, urging them to address Chase’s anti-crypto policy shift. He highlighted that the bank’s actions are not aligned with the government’s goal of establishing the UK as a global crypto hub.
UK Government Aims to Foster Crypto Innovation
The British government has been actively working towards making the UK a leading hub for digital assets. Prime Minister Rishi Sunak expressed his ambition to create a favorable environment for crypto asset technology. The government has introduced various measures to support investment, innovation, and scalability in the crypto industry.
Chase UK’s Stance on Crypto Payments
Chase recently informed its UK customers that starting from October 16, 2023, it would decline any payments related to crypto assets. The bank cited concerns about fraudsters using cryptocurrencies to steal money from individuals as the reason behind this decision. However, Armstrong hopes that there is more to the story and that it doesn’t reflect Chase UK’s true perspective on cryptocurrencies.
Hot Take: Coinbase CEO Advocates for Crypto Holders
Coinbase CEO Brian Armstrong has strongly criticized Chase UK for its anti-crypto policy, urging UK crypto holders to close their accounts. He called Chase’s behavior inappropriate and called on the British government to intervene, emphasizing that it goes against their ambition of making the UK a global crypto hub. Chase’s decision to block crypto payments is based on concerns about fraud, but Armstrong hopes there is more to the story. This incident highlights the ongoing tension between traditional banks and the crypto industry.
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