Coinbase CEO Brian Armstrong has condemned the decision of JPMorgan’s subsidiary Chase UK to restrict crypto-related transactions.
Brian Armstrong, CEO of major United States-based cryptocurrency exchange Coinbase, has condemned the decision of JPMorgan’s subsidiary Chase UK to restrict crypto-related transactions.took to X on Sept. 26 to slam Chase Bank for its “totally inappropriate” move to ban its customers in the United Kingdom from making any debit card or wire transfers related to crypto transactions.
“U.K. crypto holders should close their accounts if this is how they're going to be treated,” Armstrong wrote. The CEO also urged U.K. officials — including U.K. Prime Ministerand U.K. Economic Secretary Andrew Griffith — to check whether Chase UK’s actions respect the country’s policy goals. Armstrong expressed hope that Chase UK might change its decision after the officials look into the situation, stating:
“Really hoping there is more to this story than meets the eye, and that this does not reflect Chase UK's actual view.”to Cointelegraph that the company decided to ban its customers from making any crypto-related transactions, citing a high level of fraud in crypto. “Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction,” the bank said in a statement.
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