Coinbase CEO Slams Chase UK's Ban on Crypto-Related Transactions, Urges Reconsideration
Summary:
Brian Armstrong, CEO of Coinbase, criticizes Chase UK's decision to ban crypto-related transactions due to a surge in fraud, deeming it inappropriate. Armstrong urged crypto holders in the UK to close their accounts, and called upon UK officials to ensure Chase UK's actions align with national policy goals. He expressed optimism about Chase UK possibly revising its decision after scrutiny from top officials. Despite these issues in the UK, Coinbase continues its expansion in Europe while managing legal issues in the US.
Coinbase's head honcho, Brian Armstrong, has voiced his displeasure over Chase UK's (a JPMorgan subsidiary) recent move to inhibit transactions related to cryptocurrency. Using the popular social media platform X, previously known as Twitter, Armstrong labeled the decision by Chase Bank as "completely unsuitable" as it prohibits UK customers from carrying out any wire transfers or debit card transactions related to digital currency. Armstrong was firm in his stance suggesting that cryptocurrency buffs in the UK should terminate their accounts if this was how they were going to be treated.
Armstrong reached out to UK authorities, including the country's Prime Minister Rishi Sunak and Economic Secretary Andrew Griffith, encouraging them to inspect Chase UK's actions and ensure they align with national policy aims. Armstrong was hopeful that the bank might rethink its stance once official scrutiny was applied, noting: “I am optimistic there's more to this than what is being presented and that Chase UK’s viewpoint may not be accurately reflected."
Confirming to Cointelegraph on Sept. 26, Chase UK officially verified that it had restricted its users from engaging in any transactions related to cryptocurrency, citing a surge in fraudulent activities in the sector. The bank said in a statement, “Any attempt to perform a digital currency-related transaction will be refused.”
Countries serviced by Coinbase, as indicated on its official site, include the United States, Europe, Canada, and the UK. Aiming for extensive growth in the UK, Coinbase announced in April 2023 that the company was earnestly working within the UK and Europe. Nevertheless, as Coinbase mounts a rigorous expansion in the UK and Europe, it simultaneously contends with legal complications stateside. In June 2023, Coinbase became the target of a lawsuit from the U.S. Securities and Exchange Commission. The exchange was accused of infringing securities laws.
Published At
9/27/2023 12:13:53 PM
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