Coinbase CEO Slams Chase UK for 'Totally Inappropriate' Crypto Move

Brian Armstrong, CEO of major US-based cryptocurrency exchange Coinbase, has criticized the decision of JPMorgan’s subsidiary Chase UK to restrict crypto-related transactions. Armstrong took to X (formerly Twitter) on September 26th to slam Chase Bank for its "totally inappropriate" move to ban its UK customers from making any debit card or wire transfers related to crypto transactions.

UK Crypto Holders Should Take Action

"UK crypto holders should close their accounts if this is how they're going to be treated," Armstrong wrote. The CEO also urged UK officials, including Prime Minister Rishi Sunak and Economic Secretary Andrew Griffith, to investigate whether Chase UK's actions align with the country's policy goals.

Armstrong expressed hope that Chase UK might reverse its decision after the officials look into the situation, stating: "Really hoping there is more to this story than meets the eye, and that this does not reflect Chase UK's actual view."

High Level of Fraud

On September 26th, Chase UK officially confirmed that the company decided to ban its customers from making any crypto-related transactions, citing a high level of fraud in the crypto space. "Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction," the bank said in a statement.

Coinbase's Expansion Ambitions in the UK

The UK is among the regions supported by Coinbase's platform, alongside the United States, Europe, and Canada, according to Coinbase's official website. The exchange has been actively pursuing its expansion ambitions in the UK, stating it was working "seriously" in the country and Europe back in April 2023.

Legal Issues at Home

While pushing for aggressive expansion in the UK and Europe, Coinbase has been facing legal issues at home. In June 2023, the US Securities and Exchange Commission filed a lawsuit against Coinbase, alleging that the exchange had violated securities laws.