On September 26, Chase UK, an arm of the global financial powerhouse JPMorgan, notified its clientele. The memo revealed a pivotal shift in the bank’s perspective on cryptocurrency. Effective October 16, 2023, the bank will disallow any crypto-based transactions. The motivation behind this decision, as conveyed by Chase UK, is to shield its customers from a growing number of crypto-centered fraudulent activities.
Brian Armstrong’s Bold Response
Coinbase’s CEO, Brian Armstrong, didn’t hesitate to express his disapproval of this move. In a prominent tweet on September 26, 2023, Armstrong urged UK crypto enthusiasts to reconsider their affiliation with Chase. His tweet read:
“Totally inappropriate behavior from @Chase UK. UK crypto holders should close their @Chase accounts if this is their stance…”
Armstrong further implicated UK’s leadership in his tweet, tagging both the UK Prime Minister Rishi Sunak and Economic Secretary Andrew Griffith. He hinted that Chase UK’s policy doesn’t align with their national objectives.
The United Kingdom is gradually positioning itself as a significant cryptocurrency nexus. This assertion is underpinned by the Financial Services and Markets Bill, which, after obtaining royal assent, paves the path for structured crypto regulations. Notably, the bill gained considerable support from the House of Lords.
Armstrong has previously appreciated the UK’s proactive approach in delineating clear cryptocurrency guidelines. His firm, Coinbase, has been active in its expansion plans in the UK territory.
Chase UK Not Alone in Its Crypto Skepticism
Interestingly, Chase UK isn’t the inaugural bank to exhibit apprehension regarding cryptocurrency. Other paramount UK financial institutions, such as Nationwide, HSBC, and Lloyds Banking Group, have previously limited their customers’ capacity to purchase cryptocurrency using credit cards.
The Coinbase leader, while voicing his discontent, also hinted at hope. He mentioned, “Really hoping there is more to this story than meets the eye, and that this doesn’t embody Chase UK’s true stance.”
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