Brian Armstrong, chief executive of major U.S. cryptocurrency exchange Coinbase, condemned the decision by JPMorgan Chase UK to restrict crypto-related trading.
Armstrong took to X (formerly Twitter) on September 26 to slam Chase Bank’s move to ban its UK customers from making any debit cards or wire transfers related to cryptocurrency transactions as “completely inappropriate.”
“If UK cryptocurrency holders are to be treated in this way, they should close their accounts,” Armstrong wrote. The CEO also urged British officials — including Prime Minister Rishi Sunak and U.K. Economic Secretary Andrew Griffiths – Check whether Chase UK’s actions respect the country’s policy objectives.
Armstrong expressed hope that Chase would change its decision after officials investigate the situation, saying:
“I really hope there is more to the story than meets the eye and that it does not reflect Chase UK’s actual views.”
On September 26, Chase Bank in the UK officially confirmed to Cointelegraph that the company decided to ban customers from conducting any cryptocurrency-related transactions, citing the high level of cryptocurrency fraud.
“If a customer does attempt to conduct a cryptocurrency-related transaction, they will receive a notification that the transaction has been declined,” the bank said in a statement.
related: SEC expresses concern over Coinbase’s opposition to Celsius restructuring plan
according to According to Coinbase’s official website, the United Kingdom, the United States, Europe and Canada are among the regions supported by the platform. The exchange has been aggressively pursuing its UK expansion ambitions. In April 2023, Coinbase said the company was working “in earnest” in the UK and Europe.
Coinbase has been facing legal troubles at home as it pushes for aggressive expansion in the UK and Europe. In June 2023, the U.S. Securities and Exchange Commission filed a lawsuit against Coinbase, accusing the exchange of violating securities laws.
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