Amidst escalating legal issues in the United States, Coinbase CEO Brian Armstrong has been pursuing the exchange’s expansion goals in the United Kingdom.
The chief executive officer of major 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. crypto 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’s decision might be reversed after officials investigate the circumstance, stating:
“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 confirmed on September 26 that the company had decided to prohibit its consumers from engaging in crypto-related transactions, citing high fraud in the crypto industry.
“Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction,” the bank said in a statement.
According to Coinbase’s official website, the United Kingdom, along with the United States, Europe, and Canada, is supported by the platform.
The exchange has been avidly pursuing its expansion goals in the United Kingdom.
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.
