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Key Takeaways
* Brian Armstrong condemns Chase UK’s choice 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 growth ambitions within the UK
Brian Armstrong, the Chief Govt Officer of the key United States-based cryptocurrency alternate, Coinbase, has expressed disapproval over Chase UK’s current choice to halt all crypto-related transactions. Armstrong shared his criticism publicly via 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 motive. The financial institution confirmed this stance to Cointelegraph on the identical day. In keeping with 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 guage whether or not Chase UK’s actions align with the broader coverage objectives of the nation regarding cryptocurrency.
Implications for Coinbase
This growth might probably hinder Coinbase’s aggressive growth efforts within the UK and Europe. In keeping with 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 severe dedication to increasing its operations within the UK and Europe. This ambition, nonetheless, might face challenges given the restrictive stance of main monetary establishments like Chase UK in the direction of cryptocurrency transactions.
Whereas the UK and European markets current important progress alternatives for Coinbase, the agency has additionally been coping with authorized hurdles within the US. Notably, in June 2023, the U.S. Securities and Trade Fee (SEC) filed a lawsuit in opposition to Coinbase, alleging violations of securities legal guidelines.
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Picture supply: Shutterstock
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