Coinbase CEO slams Chase UK for ‘totally inappropriate’ crypto move

1 year ago

Coinbase CEO Brian Armstrong has been actively pursuing the exchange's enlargement ambitions successful the United Kingdom amid mounting ineligible issues successful the U.S..

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Coinbase CEO slams Chase UK for ‘totally inappropriate’ crypto move

Brian Armstrong, CEO of large United States-based cryptocurrency speech Coinbase, has condemned the determination of JPMorgan’s subsidiary Chase UK to restrict crypto-related transactions.

Brian Armstrong took to X (formerly Twitter) connected Sept. 26 to slam Chase Bank for its “totally inappropriate” determination to prohibition its customers successful the United Kingdom from making immoderate debit paper oregon ligament transfers related to crypto transactions.

“U.K. crypto holders should adjacent their accounts if this is however they're going to beryllium treated,” Armstrong wrote. The CEO besides urged U.K. officials — including U.K. Prime Minister Rishi Sunak and U.K. Economic Secretary Andrew Griffith — to cheque whether Chase UK’s actions respect the country’s argumentation goals.

Armstrong expressed anticipation that Chase UK mightiness alteration its determination aft the officials look into the situation, stating:

“Really hoping determination is much to this communicative than meets the eye, and that this does not bespeak Chase UK's existent view.”

On Sept. 26, Chase UK officially confirmed to Cointelegraph that the institution decided to prohibition its customers from making immoderate crypto-related transactions, citing a precocious level of fraud successful crypto.

“Customers volition person a declined transaction notification if they bash effort to marque a crypto-related transaction,” the slope said successful a statement.

Related: SEC raises concerns implicit Coinbase successful objection to Celsius restructuring plan

According to Coinbase’s authoritative website, the U.K. is among the regions supported by the platform, alongside the United States, Europe and Canada. The speech has been actively pursuing its expansion ambitions successful the United Kingdom. In April 2023, Coinbase stated that the steadfast was moving “seriously” successful the U.K. and Europe.

While pushing assertive enlargement successful the U.K. and Europe, Coinbase has been facing ineligible issues astatine home. In June 2023, the U.S. Securities and Exchange Commission filed a suit against Coinbase, alleging that the exchange had violated securities laws.

Magazine: Crypto regularisation — Does SEC Chair Gary Gensler person the last say?

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