Brian Armstrong, CEO of main United States-based cryptocurrency alternate Coinbase, has condemned the choice of JPMorgan’s subsidiary Chase UK to limit crypto-related transactions.
Armstrong took to X (previously Twitter) on Sept. 26 to slam Chase Bank for its “totally inappropriate” move to ban its clients within the United Kingdom from making any debit card or wire transfers associated 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 additionally urged U.Okay. officers — together with U.Okay. Prime Minister Rishi Sunak and U.Okay. Economic Secretary Andrew Griffith — to test whether or not Chase UK’s actions respect the nation’s coverage objectives.
Armstrong expressed hope that Chase UK would possibly change its choice after the officers look into the scenario, stating:
“Really hoping there is more to this story than meets the eye, and that this does not reflect Chase UK’s actual view.”
On Sept. 26, Chase UK officially confirmed to Cointelegraph that the corporate determined to ban its clients from making any crypto-related transactions, citing a excessive degree of fraud in crypto.
“Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction,” the financial institution mentioned in a press release.
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According to Coinbase’s official web site, the U.Okay. is among the many areas supported by the platform, alongside the U.S., Europe and Canada. The alternate has been actively pursuing its expansion ambitions in the United Kingdom. In April 2023, Coinbase acknowledged that the agency was working “seriously” within the U.Okay. and Europe.
While pushing aggressive growth within the U.Okay. and Europe, Coinbase has been dealing with authorized points at dwelling. In June 2023, the U.S. Securities and Exchange Commission filed a lawsuit in opposition to Coinbase, alleging that the exchange had violated securities laws.
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