Benzinga - Brian Armstrong, the CEO of Coinbase (NASDAQ: COIN), has publicly criticized JPMorgan Chase & Co (NYSE: JPM) UK for what he deems as "totally inappropriate behavior" towards the cryptocurrency sector.
In a series of tweets, Armstrong expressed his concerns over the bank's stance and questioned whether it aligns with the policy objectives set by UK officials.
As the cryptocurrency industry continues to evolve and gain mainstream acceptance, such disputes between industry leaders and traditional financial institutions highlight the challenges and complexities of this transition. These dynamics and more will be explored at Benzinga's Future of Digital Assets conference on Nov. 14.
Armstrong's tweets specifically called out UK Prime Minister Rishi Sunak and Member of Parliament Anthony Griffiths, seeking their views on Chase UK's actions and suggesting that the bank might not be in sync with their policy goals.
He stated, "@RishiSunak @griffitha It appears @Chase UK does not respect your policy goals - thoughts?"
Further emphasizing the gravity of the situation, Armstrong advised UK cryptocurrency enthusiasts to reconsider their association with Chase.
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He remarked, "UK crypto holders should close their @Chase accounts if this is how they're going to be treated."
While Armstrong's tweets clearly express his dissatisfaction, he also hinted at the possibility that there might be additional factors at play.
He added, "Really hoping there is more to this story than meets the eye, and that this does not reflect Chase UK's actual view."
JPMorgan Chase & Co announced that it will halt cryptocurrency-related transactions for its U.K. clientele starting Oct. 16, according to a recent communication to its users.
The bank stated, "If we think you're making a payment related to crypto assets, we'll decline it," suggesting patrons keen on crypto investments might need to explore other banking alternatives.
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