Brian Armstrong, CEO of major US-based cryptocurrency exchange Coinbase, condemned JPMorgan subsidiary Chase UK’s decision to restrict cryptocurrency-related transactions.
Armstrong took to X (formerly Twitter) on September 26 to criticize Chase Bank for its “completely inappropriate” move to block its UK customers from making any debit card or bank transfers related to cryptocurrency transactions.
“UK crypto holders should close their accounts if this is how they will be treated,” Armstrong wrote. The CEO also urged UK officials – including UK Prime Minister Rishi Sunak and UK Economy Secretary Andrew Griffiths – to check whether Chase UK’s actions respect the country’s policy objectives.
Armstrong expressed hope that Chase UK would change its decision after officials look into the situation, saying:
“I really hope there is more to this story than meets the eye, and that this does not reflect Chase UK’s actual views.”
On September 26, Chase UK officially confirmed to Cointelegraph that the company had decided to ban its customers from making any cryptocurrency-related transactions, citing the high level of cryptocurrency fraud.
“Customers will receive a transaction rejection notification if they attempt to make a cryptocurrency-related transaction,” the bank said in a statement.
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According to According to the official Coinbase website, the United Kingdom is among the regions supported by the platform, along with the United States, Europe, and Canada. The exchange is actively pursuing its expansion ambitions in the UK. In April 2023, Coinbase reported that the company was “seriously” operating in the UK and Europe.
While pushing aggressive expansion in the UK and Europe, Coinbase has faced legal issues at home. In June 2023, the US Securities and Exchange Commission filed a lawsuit against Coinbase, alleging that the exchange violated securities laws.
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