Brian Armstrong, CEO of main United States-based cryptocurrency change 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 Financial institution for its “completely inappropriate” move to ban its prospects in the UK from making any debit card or wire transfers associated to crypto transactions.
“U.Okay. crypto holders ought to shut their accounts if that is how they’re going to be handled,” Armstrong wrote. The CEO additionally urged U.Okay. officers — together with U.Okay. Prime Minister Rishi Sunak and U.Okay. Financial Secretary Andrew Griffith — to verify whether or not Chase UK’s actions respect the nation’s coverage objectives.
Armstrong expressed hope that Chase UK would possibly change its determination after the officers look into the state of affairs, stating:
“Actually hoping there’s extra to this story than meets the attention, and that this doesn’t mirror Chase UK’s precise view.”
On Sept. 26, Chase UK officially confirmed to Cointelegraph that the corporate determined to ban its prospects from making any crypto-related transactions, citing a excessive stage of fraud in crypto.
“Prospects will obtain a declined transaction notification in the event that they do try and make a crypto-related transaction,” the financial institution stated in an announcement.
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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 change has been actively pursuing its expansion ambitions in the United Kingdom. In April 2023, Coinbase said that the agency was working “significantly” within the U.Okay. and Europe.
Whereas pushing aggressive enlargement within the U.Okay. and Europe, Coinbase has been dealing with authorized points at house. In June 2023, the U.S. Securities and Alternate Fee filed a lawsuit towards Coinbase, alleging that the exchange had violated securities laws.
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Cointelegraph By Helen Partz Coinbase CEO slams Chase UK for ‘completely inappropriate’ crypto move cointelegraph.com 2023-09-27 12:13:53
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