Coinbase CEO, Brian Armstrong, has criticized JPMorgan’s British retail bank, Chase UK, for implementing a new policy that blocks all crypto-related payments. Armstrong called the move by Chase “totally inappropriate” and advised UK crypto holders to close their Chase accounts if they are going to be treated this way. He also addressed British Prime Minister Rishi Sunak and Member of Parliament Andrew Griffith, expressing concern that Chase UK’s policy contradicts the government’s ambition of making the UK a global hub for digital assets.
The British government has been actively working towards establishing the UK as a leading center for crypto technology and innovation. However, Chase’s new policy goes against this goal. In response to customers making payments related to crypto assets, Chase informed them that such payments will be declined starting from October 16, 2023. The bank cites the increasing use of crypto assets by fraudsters as the primary reason for this decision. Armstrong hopes that there is more to this story and that Chase UK’s actual view is not reflected in this policy.
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