The CEO of the Coinbase exchange, Brian Armstrong, criticized the move by the Chase UK bank, which is a digital bank owned by JPMorgan, to block transactions involving crypto.
Armstrong stated that the banking institution’s action to block payments involving cryptocurrencies for customers located in the United Kingdom is “totally inappropriate”.
“Cryptocurrency holders in the UK should close their accounts if this is how they will be treated,” the Coinbase CEO wrote on App X.
UK crypto holders should close their @Chase accounts if this is how they’re going to be… https://t.co/n8OBxhtpcg
— Brian Armstrong 🛡️ (@brian_armstrong) September 26, 2023
Still in the publication, Armstrong cited UK authorities, such as the Prime Minister, Rishi Sunak, and the Economic Secretary, Andrew Griffith, to analyze whether the Chase UK bank’s decision is in line with the country’s political objectives.
Banking giant Chase will block crypto payments
Banking giant Chase announced that it will ban payments involving cryptocurrencies for customers located in the United Kingdom from October 16th, according to information published by Coindesk on September 26th.
The announcement about blocking crypto payments was made public in an email sent to customers, according to the publication. “If we find that you are making a payment related to crypto assets, we will refuse it,” the bank said in the email.
The bank highlighted in its information to customers that they are free to use another bank or different provider for the purpose of investing in crypto.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.