Coinbase CEO Criticizes Chase UK’s Crypto Transaction Ban

He urged UK cryptocurrency holders to close their accounts and asked UK officials to assess if Chase actions algin with policy objectives.

Coinbase CEO Criticizes Chase UK's Crypto Transaction Ban
Coinbase CEO Criticizes Chase UK's Crypto Transaction Ban

The chief executive officer of the largest cryptocurrency exchange in the United States, Coinbase, Brian Armstrong, has criticized Chase UK’s decision to restrict crypto-related transactions.

Brian Armstrong criticized Chase Bank on X (formerly Twitter) on September 26 for its “totally inappropriate” decision to prohibit its United Kingdom customers from using debit cards or wire transfers for crypto transactions.

“U.K. cryptocurrency holders should close their accounts if this is how they’re going to be treated,” Armstrong wrote.

The CEO also implored U.K. officials, including U.K. Prime Minister Rishi Sunak and U.K. Economic Secretary Andrew Griffith, to determine whether Chase UK’s actions are consistent with the nation’s policy objectives.

Armstrong expressed hope that Chase UK might alter its decision after the officials look into the situation, stating:

On Sept. 26, 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 crypto.

“Customers who attempt a crypto-related transaction will receive a declined transaction notification,” the bank said in a statement.

The platform supports the United Kingdom, along with the United States, Europe, and Canada, according to Coinbase’s official website. In the United Kingdom, the exchange has been avidly pursuing its expansion goals.

In April 2023, Coinbase announced that the company was “seriously” operating in the United Kingdom and Europe. While expanding aggressively in the United Kingdom and Europe, Coinbase has encountered legal issues at home.

The Securities and Exchange Commission of the United States filed a lawsuit against Coinbase in June 2023, alleging that the exchange had violated securities laws.