Brian Armstrong, CEO of Coinbase, has criticized JPMorgan Chase UK for modifying its policy to exclude all cryptocurrency-related payments. The CEO of Coinbase criticized Chase's action as "totally inappropriate," adding that "UK crypto holders should close their Chase accounts if this is how they're going to be treated." The British government is working to establish the U.K. as a major global centre for cryptocurrency.
The CEO of Coinbase criticizes Chase Bank for its anti-cryptostance
Brian Armstrong, the CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), lambasted Chase UK, a British retail bank owned by JPMorgan, in front of the public on Wednesday for modifying its policy to prohibit any cryptocurrency-related payments. The Coinbase executive posted the following on social networking site X:
Absolutely unacceptable behavior from Chase UK (I believe this is their UK bank alone)... If this is how they will be treated, UK crypto owners should close their Chase accounts.
In order to counter Chase's anti-crypto policy change, Armstrong also informed British Prime Minister Rishi Sunak and Member of Parliament Andrew Griffith on X. The Coinbase CEO wrote, "It seems Chase UK does not respect your policy goals."
The British government wants to establish the United Kingdom as a center for digital assets. After implementing multiple steps to "ensure firms can invest, innovate, and scale up," British Prime Minister Rishi Sunak stated in April of last year, "It's my ambition to make the U.K. a global hub for crypto asset technology." At the time, he served as the nation's Chancellor of the Exchequer. John Glen, the chief secretary to the Treasury, added, "We want this country to be a global hub — the very best place in the world to start and scale crypto-companies."
Customers in the UK were recently informed by Chase:
Starting on October 16, 2023, we will reject any payments we believe you are making in connection with cryptographic assets. You can try using a different bank or provider if you still want to invest in crypto assets, but please use caution as you might not be able to get your money back if the transaction turns out to be tied to fraud or a scam.
The bank continued, "We've taken this action because scammers are increasingly leveraging crypto assets to defraud customers of sizable quantities of money. One way we assist protect you and your money is by refusing these payments.
The Coinbase CEO offered the following opinion in response to Chase's recent decision to prohibit cryptocurrency payments: "Really hoping there is more to this story than meets the eye, and that this does not reflect Chase UK's actual view."
What do you think of Chase's recent decision to reject any payments involving cryptocurrencies? Do you agree with the CEO of Coinbase's suggestion that cryptocurrency owners close their Chase accounts? Comment below with your thoughts and let us know.