Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Coinbase Chief Executive criticizes Chase UK for ‘entirely unsuitable’ cryptocurrency action.
Brian Armstrong, the CEO of the prominent U.S.-based cryptocurrency exchange Coinbase, has criticized the decision made by JPMorgan’s subsidiary Chase UK to limit crypto-related transactions.
On Sept. 26, Armstrong expressed his disapproval on X (formerly Twitter), labeling Chase Bank’s action to prohibit its customers in the United Kingdom from conducting any debit card or wire transfers associated with crypto transactions as “totally inappropriate.”
“U.K. crypto holders should consider closing their accounts if this is how they’re going to be treated,” Armstrong stated. He also called on U.K. officials — including Prime Minister Rishi Sunak and Economic Secretary Andrew Griffith — to investigate whether Chase UK’s actions align with the country’s policy objectives.
Armstrong conveyed his hope that Chase UK might reconsider its stance following the officials’ review, remarking:
“Really hoping there is more to this story than meets the eye, and that this does not reflect Chase UK’s actual view.”
Related Posts
On the same day, Chase UK officially informed Cointelegraph that it had decided to prohibit its customers from engaging in any crypto-related transactions, citing a significant level of fraud associated with cryptocurrencies.
“Customers will receive a declined transaction notification if they attempt to make a crypto-related transaction,” the bank stated in its announcement.
Related: SEC raises concerns over Coinbase in objection to Celsius restructuring plan
As per Coinbase’s official website, the U.K. is included among the regions supported by the platform, which also encompasses the U.S., Europe, and Canada. The exchange has been actively pursuing its growth objectives in the United Kingdom. In April 2023, Coinbase indicated that it was working “seriously” in the U.K. and Europe.
While aggressively expanding in the U.K. and Europe, Coinbase has encountered legal challenges domestically. In June 2023, the U.S. Securities and Exchange Commission initiated a lawsuit against Coinbase, claiming that the exchange had breached securities laws.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?
