Brian Armstrong has slammed Chase UK'S updated crypto policy, calling it 'totally inappropriate.'
the UK’s efforts towards creating clear crypto rules and ensuring investors’ safety, with his company working towards expanding into the United Kingdom. Meanwhile, the Coinbase chief called on crypto holders in the UK to close their accounts with Chase, as a way to rebel against the bank’s new crypto policy.
“Really hoping there is more to this story than meets the eye, and that this does not reflect Chase UK’s actual view.”Chase UK sent a notice to its customers on Sept. 26, stating that the bank was changing its stance regarding crypto. According to the financial institution, UK customers will no longer be allowed to make crypto transactions using the bank from Oct. 16, 2023, as such activity will be declined.
The bank said it made the decision to protect customers as more fraudsters increasingly used crypto to steal from people. Chase UK further directed users interested in investing in crypto to use other banks but warned that they could lose their money to a scam or fraud. Meanwhile, Chase UK is not the first bank to take such action against cryptocurrency, as there have been previous reports of other top financial institutions in the United Kingdom, such as Nationwide, HSBC, and Lloyds Banking Group,
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