Coinbase CEO Calls on Chase Customers in UK to Close Accounts After the Bank Says It Will Decline Crypto Payments

Coinbase CEO Brian Armstrong has slammed JPMorgan’s British retail financial institution, Chase UK, for altering its coverage to dam all crypto-related funds. Calling the transfer by Chase “totally inappropriate,” the Coinbase boss stated: “UK crypto holders should close their Chase accounts if this is how they’re going to be treated.” Meanwhile, the British authorities is striving to make the U.Ok. a worldwide crypto hub.

Coinbase’s CEO Slams Chase Bank Over Anti-Crypto Policy

The CEO of cryptocurrency change Coinbase (Nasdaq: COIN), Brian Armstrong, publicly criticized JPMorgan’s British retail financial institution, Chase UK, on Wednesday for changing its coverage to dam all crypto-related funds. The Coinbase govt wrote on social media platform X:

Totally inappropriate habits from Chase UK (that is their UK financial institution solely is my understanding) … UK crypto holders ought to shut their Chase accounts if that is how they’re going to be handled.

Armstrong additionally alerted British Prime Minister Rishi Sunak and Member of Parliament Andrew Griffith on X to handle Chase’s anti-crypto coverage shift. “It appears Chase UK does not respect your policy goals,” the Coinbase chief wrote.

The British authorities is striving to make the U.Ok. a hub for digital property. “It’s my ambition to make the U.K. a global hub for crypto asset technology,” British Prime Minister Rishi Sunak said in April final 12 months after introducing a number of measures to assist “ensure firms can invest, innovate, and scale up.” He was the nation’s Chancellor of the Exchequer on the time. Chief Secretary to the Treasury John Glen additionally stated: “We want this country to be a global hub — the very best place in the world to start and scale crypto-companies.”

Chase not too long ago knowledgeable its U.Ok. clients:

From 16 October 2023, if we expect you make a fee associated to crypto property, we’ll decline it. If you’d nonetheless wish to spend money on crypto property, you’ll be able to attempt utilizing a unique financial institution or supplier as a substitute — however please be cautious, as you could not have the ability to get the cash again if the fee finally ends up being associated to fraud or a rip-off.

The financial institution added: “We’ve made this decision because fraudsters are increasingly using crypto assets to steal large sums of money from people. Declining these payments is one of the ways we are helping keep you and your money safe.”

Commenting additional on Chase’s new coverage to dam crypto funds, the Coinbase boss opined: “Really hoping there is more to this story than meets the eye, and that this does not reflect Chase UK’s actual view.”

What do you consider Chase’s new coverage to say no all cryptocurrency-related funds? Do you suppose crypto holders ought to shut their Chase accounts just like the Coinbase CEO instructed? Let us know within the feedback part under.