Key takeaways :
- Coinbase CEO Brian Armstrong publicly criticizes Chase Bank’s ban on crypto transactions for its UK customers, deeming it “totally inappropriate.
- Armstrong urges UK officials to assess Chase Bank’s actions, expressing optimism that the bank may reconsider its stance.
Coinbase CEO Brian Armstrong has vehemently criticized Chase Bank’s recent move to prohibit cryptocurrency transactions for its British customers. Armstrong has labeled this ban as “completely inappropriate” and has even suggested that UK crypto enthusiasts should contemplate closing their Chase accounts in response to such treatment.
Armstrong remains hopeful that Chase UK may reconsider its decision, particularly under the scrutiny of high-ranking officials. Despite the challenges in the UK, Coinbase continues to expand its presence in Europe while simultaneously navigating legal matters in the United States.
However, Armstrong’s criticism is not confined to the bank alone. He has issued a call to action to UK officials, including Prime Minister Rishi Sunak and Economic Secretary Andrew Griffith, urging them to closely examine Chase UK’s actions and assess their alignment with the nation’s policy objectives. Armstrong remains optimistic that a thorough review by these officials could potentially lead Chase UK to reevaluate its stance on cryptocurrency transactions.
It’s noteworthy that Chase Bank has encountered difficulties in navigating customer transactions related to cryptocurrency. In 2020, Chase U.S. faced a lawsuit alleging that it had overcharged customers who had used Chase credit cards to purchase crypto assets back in 2018..
Brian Armstrong expressed optimism that Chase UK might reconsider its recent decision once officials have thoroughly investigated the situation. He expressed, “I truly hope that there is more to this story than what initially meets the eye, and that this decision doesn’t truly represent Chase UK’s stance.“
Brian Armstrong’s criticism of Chase Bank has triggered a response from the cryptocurrency community, underscoring that such actions by traditional banks are not uncommon. Chase Bank is just one example of financial institutions in the UK taking a cautious approach to cryptocurrencies.
Other well-known banks, such as Nationwide, NatWest, and HSBC, have also introduced daily limits on cryptocurrency purchases and imposed restrictions on using credit cards for acquiring digital assets.
Notably, user @LadyofCrypto1 shed light on the situation, emphasizing that these challenges are nothing new for crypto enthusiasts. She shared her own experiences, revealing that she has had accounts with four different banks, both personal and business, closed due to transferring funds from cryptocurrency exchanges, including Coinbase.