Coinbase CEO Calls Out Chase UK’s Crypto Stance
In a recent turn of events, Brian Armstrong, the chief executive of Coinbase, a major U.S.-based cryptocurrency exchange, has taken issue with JPMorgan’s UK subsidiary, Chase UK, over their decision to clamp down on crypto-related transactions.
Armstrong’s Statement on X
On Sept. 26, Armstrong expressed his discontentment on X, criticizing Chase Bank for its controversial step of barring its UK clients from crypto transactions via debit card or wire transfer.
“U.K. crypto holders should close their accounts if this is how they’re going to be treated,” remarked Armstrong. He took the matter further by urging UK’s top echelons, notably Prime Minister Rishi Sunak and Economic Secretary Andrew Griffith, to delve into Chase UK’s decision and gauge if it aligns with the broader UK policy objectives.
In his post, Armstrong appeared optimistic, hinting at the possibility that Chase UK might rethink its stand after official scrutiny. He noted, “Really hoping there is more to this story than meets the eye, and that this does not reflect Chase UK’s actual view.”
Chase UK’s Official Stand on Crypto Transactions
Chase UK didn’t keep silent on the issue. On the same day, the bank responded to Cointelegraph’s queries, explaining its new policy as a response to the rising fraud associated with cryptocurrency transactions. The bank’s statement emphasized, “Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction.”
Coinbase’s Ambitions in the UK
Coinbase, a key player in the crypto space, is no stranger to the UK. As per its official site, the UK is listed alongside the U.S., Europe, and Canada as primary regions served by the platform. The exchange’s objective to deepen its foothold in the UK was evident when, in April 2023, they vocalized their concerted efforts to establish a strong presence in the UK and Europe.
Legal Troubles in the U.S.
However, as Coinbase marches on its global expansion mission, it has encountered legal hurdles in its home country. A lawsuit was slapped against the exchange by the U.S. Securities and Exchange Commission in June 2023, alleging potential violations of securities laws.