Key Takeaways
* Brian Armstrong condemns Chase UK’s determination to limit crypto-related transactions
* The transfer prompts dialogue with UK officers relating to the nation’s crypto coverage
* The ban poses challenges for Coinbase’s enlargement ambitions within the UK
Brian Armstrong, the Chief Government Officer of the foremost United States-based cryptocurrency change, Coinbase, has expressed disapproval over Chase UK’s current determination to halt all crypto-related transactions. Armstrong shared his criticism publicly by means of a publish on X (previously Twitter) on September 26, 2023, describing Chase UK’s transfer as “completely inappropriate.”
Response to Transaction Ban
Armstrong’s feedback got here in response to the information that Chase UK, a subsidiary of JPMorgan, has resolved to say no all buyer transactions associated to cryptocurrency, citing a excessive degree of fraud related to crypto transactions as the first purpose. The financial institution confirmed this stance to Cointelegraph on the identical day. In response to Chase UK, prospects trying to hold out crypto-related transactions will obtain a declined transaction notification.
In his publish, Armstrong urged crypto holders within the UK to shut their Chase accounts as a type of protest in opposition to this restrictive measure. He additionally beckoned UK officers, together with Prime Minister Rishi Sunak and Financial Secretary Andrew Griffith, to judge whether or not Chase UK’s actions align with the broader coverage targets of the nation regarding cryptocurrency.
Implications for Coinbase
This growth might doubtlessly hinder Coinbase’s aggressive enlargement efforts within the UK and Europe. In response to the official web site of Coinbase, the platform helps transactions within the UK, alongside the US, Europe, and Canada. In April 2023, Coinbase had expressed its critical dedication to increasing its operations within the UK and Europe. This ambition, nonetheless, could face challenges given the restrictive stance of main monetary establishments like Chase UK in direction of cryptocurrency transactions.
Whereas the UK and European markets current important development alternatives for Coinbase, the agency has additionally been coping with authorized hurdles within the US. Notably, in June 2023, the U.S. Securities and Change Fee (SEC) filed a lawsuit in opposition to Coinbase, alleging violations of securities legal guidelines.
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