Coinbase co-founder and CEO Brian Armstrong has condemned the planned move by Chase UK, a subsidiary of the US-based multinational financial services behemoth JPMorgan, to restrict its clients in the United Kingdom from making cryptocurrency transactions.
The Coinbase chief advised UK crypto holders to close their accounts with Chase in response to the bank’s ban.
Armstrong Not Pleased With Chase UK Crypto Restrictions
Brian Armstrong took to X to slam Chase UK’s crypto restrictions, labeling the bank’s actions as “totally inappropriate.” The Coinbase CEO went ahead to tag the UK Prime Minister Rishi Sunak and the country’s Economic Secretary to Secretary Andrew Griffith, stating that the decision by Chase UK seemed to be different from their policy goals.
Totally inappropriate behavior from @Chase UK (this is their UK bank only is my understanding)@RishiSunak @griffitha It appears @Chase UK does not respect your policy goals – thoughts?
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
Sunak and Griffith are both keen on seeing the United Kingdom establish itself as a major cryptocurrency hub. The Financial Services and Markets Bill, which paves the way for crypto regulation, received royal assent after a majority of the members of the House of Lords voted in favor of the bill.
Armstrong previously lauded the UK’s efforts towards creating clear crypto rules and ensuring investors’ safety, with his company working towards expanding into the United Kingdom. Meanwhile, the Coinbase chief called on crypto holders in the UK to close their accounts with Chase, as a way to rebel against the bank’s new crypto policy.
“Really hoping there is more to this story than meets the eye, and that this does not reflect Chase UK’s actual view.”
UK Banks Still Unfriendly Towards Crypto
Chase UK sent a notice to its customers on Sept. 26, stating that the bank was changing its stance regarding crypto. According to the financial institution, UK customers will no longer be allowed to make crypto transactions using the bank from Oct. 16, 2023, as such activity will be declined.
The bank said it made the decision to protect customers as more fraudsters increasingly used crypto to steal from people. Chase UK further directed users interested in investing in crypto to use other banks but warned that they could lose their money to a scam or fraud.
Meanwhile, Chase UK is not the first bank to take such action against cryptocurrency, as there have been previous reports of other top financial institutions in the United Kingdom, such as Nationwide, HSBC, and Lloyds Banking Group, restricting customers from using their credit cards to make cryptocurrency purchases.
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