- Coinbase CEO Brian Armstrong chastises Chase UK’s new policy restricting crypto transactions, deeming it “totally inappropriate.”
- Armstrong beckons UK crypto holders to close their Chase accounts as a form of rebellion against the bank’s anti-crypto stance.
Unsettling Waves in UK’s Crypto-Friendly Waters
As the tides of acceptance seemed favorable for cryptocurrencies in the United Kingdom, a storm brewed with Chase UK’s recent announcement. The subsidiary of US-based financial titan JPMorgan has set a new course by barring its UK clients from engaging in cryptocurrency transactions.
Chase UK’s Crypto Rebuff Stirs Discontent
The discontent resonated loudly when Coinbase co-founder and CEO Brian Armstrong took to social media, expressing vehement disapproval of this restrictive stance. Armstrong’s vitriol wasn’t solely aimed at the bank; he tagged UK Prime Minister Rishi Sunak and Economic Secretary to Treasury Andrew Griffith in his post, pointing out a seeming disconnect between Chase UK’s policy and the UK government’s crypto-friendly outlook.
Totally inappropriate behavior from @Chase UK (this is their UK bank only is my understanding)@RishiSunak @griffitha It appears @Chase UK does not respect your policy goals – thoughts?
UK crypto holders should close their @Chase accounts if this is how they're going to be… https://t.co/n8OBxhtpcg
— Brian Armstrong 🛡️ (@brian_armstrong) September 26, 2023
This scenario unfolds amidst the United Kingdom’s proactive steps towards crafting a conducive regulatory framework for cryptocurrencies. The Financial Services and Markets Bill, aiming to lay down the law for crypto regulation, recently received royal assent, signaling a positive stride towards the UK’s crypto-embracing ambition.
Yet, Chase UK appears to swim against this current. On September 26, Chase UK notified its customers of a change in its crypto policy, effective from October 16, 2023. The policy entails a downright refusal of crypto-related transactions, justified as a move to shield customers from escalating crypto-centric frauds. A staunch directive was given to crypto-inclined customers to seek other banking havens, albeit with a cautionary note on the risks of crypto scams.
UK’s Banking Behemoths Remain Wary
The disdain towards crypto isn’t a solo act by Chase UK. Other banking behemoths like Nationwide, HSBC, and Lloyds Banking Group have previously turned a cold shoulder towards cryptocurrency transactions. Their restrictive policies surrounding the use of credit cards for crypto purchases echo a cautious, if not skeptical, stance towards the digital asset realm.
Amid this restrictive banking landscape, Armstrong’s clarion call for account closures is a bold stroke, urging crypto enthusiasts to voice their discontent by withdrawing their patronage from Chase UK. This narrative sheds light on the friction between traditional banking institutions and the burgeoning crypto space, spotlighting the undercurrents that may sway the UK’s crypto-friendly voyage. Meanwhile, the looming discord underscores a wider global conundrum as traditional finance and digital assets strive for a harmonious coexistence.
