- Brian Armstrong publicly criticized Chase for its recent policy change that prohibits customers from using crypto.
- Chase explained that the reason behind its policy update is to protect customers from fraud and scams.
- Brian Armstrong pointed out a contradiction between Chase’s policy and the views of UK leaders.
CEO of Coinbase Brian Armstrong addressed the policy change at Chase, JP Morgan UK bank, which prohibits customers from using crypto. Armstrong called the update “inappropriate behavior.”
Chase recently changed its policy, banning any type of payment that could be related to crypto assets. In an email sent to customers, Chase stated, “From October 16, 2023, if we think you’re making a payment related to crypto assets, we’ll decline it.” Moreover, the statement added that if the customers wish to invest in crypto assets, they should do so with a different bank.
The UK JP Morgan Bank shared that the reason behind this policy update is to help keep customers’ money safe from fraud and scams. The bank said, “We’ve made this decision because fraudsters are increasingly using crypto assets to steal large sums of money from people.” The bank believes that declining these payments will help keep the money safe.
Armstrong stated that Chase’s policy update contradicts the thoughts of UK Prime Minister Rishi Sunak and British Politician Andrew Griffith. He said, “The UK does not respect your policy goals – thoughts?”
Sunak previously stated that the UK is open to embracing innovations like Web3 and blockchain technology, and he’s planning to make the UK the “crypto asset hub.” Moreover, Griffith noted that the UK government plans to accept the technology used in digital assets like Bitcoin and Ethereum.
The crypto community expressed their opinions on the subject and stated that crypto came to allow people to take control of their money. One user said, “Centralized control just makes everyone fight harder for decentralization.”
Many others shared that Chase isn’t the first bank to prohibit crypto, and they mentioned Santander and Nationwide, both UK banks. Santander imposed limits on its customers, allowing them to send a maximum of £1,000 per day and £5,000 over 30 days to crypto exchanges. Nationwide restricted its customers’ ability to purchase crypto and stated it wouldn’t accept credit card payments to crypto exchanges, citing concerns over fraud and volatility.
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