Coinbase CEO Brian Armstrong criticized the decision of Chase UK - a subsidiary of JPMorgan - to restrict trading related to cryptocurrencies.
Brian Armstrong claims Chase Bank's actions were "completely inappropriate" in suddenly banning customers in the UK from making cryptocurrency-related transactions using debit cards or wire transfers.
Armstrong believes that UK cryptocurrency holders should close their accounts if they are treated this way.
Armstrong called on British officials, including chancellor Rishi Sunak and deputy economics minister Andrew Griffith, to investigate whether Chase UK's actions were consistent with the country's policy objectives.
"I truly hope there is more to the story and that this decision does not reflect Chase UK's true views," the Coinbase CEO said.
On September 26, Chase UK officially confirmed its decision to ban customers from making any cryptocurrency-related transactions, citing high levels of fraud in the crypto space.
Coinbase exchange actively pursues expansion plans in the UK and European countries amid legal issues in the US. In June, the Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase, alleging violations of securities laws.
Also Read: Coinbase expands into the Spanish market
SEC opposes Celsius ' restructuring plan because of Coinbase
1. Register an OKX account: https:// OKX.com
2. Register a Binance account: https://binance.com
3. Register a Bybit account: https:// Bybit.com
4. Register an Exness account: https://exness.vn
5. Follow on Twitter: https://twitter.com/coinbay_io
6. Follow on Facebook: https://facebook.com/CoinBay.io
