Coinbase CEO Brian Armstrong has expressed his thoughts on Chase Bank’s recent decision to cease cryptocurrency operations in the British market.
Earlier this week, Chase UK announced that its customers would no longer be able to deposit into exchange wallets or withdraw funds, citing concerns over the risks associated with crypto transactions.
The decision was made after the bank raised these concerns to the authorities in the UK.
As a subsidiary of JP Morgan Bank, Chase UK believes that this move will safeguard its clients from falling victim to fraudulent activities when purchasing cryptocurrencies.
However, Armstrong took to Twitter to criticize the bank’s decision, calling it unreasonable and a violation of the fundamental rights of cryptocurrency investors in the UK.
In his tweet, Armstrong also urged the UK government, specifically Prime Minister Rishi Sunak and the Ministry of Economy, to examine and assess the bank’s actions, as they hinder the technological progress of the country.