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JPMorgan’s subsidiary Chase UK unveiled significant adjustments to its cryptocurrency payments policy, citing fraud worries. The new rules prohibit crypto payments, and will start operating from October 16, 2023.
Meanwhile, Coinbase CEO and co-founder Brian Armstrong has disapproved of the update policy. In his X post, Armstrong referred to Chase UK’s decision as “totally inappropriate behavior.”
He tagged UK Prime Minister Rishi Sunak and Andrew Griffith, questioning whether Chase UK adheres to their governmental goals. Brian Armstrong urged crypto holders in the United Kingdom to close their Chase accounts due to the unclear operations, adding,
“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 prioritizing customer safety
As invezz.com reported, Chase UK informed its users about a massive policy adjustment concerning crypto payments. The bank explained it will decline digital assets-related transactions as of October 16, 2023.
“From 16 October 2023, if we think you’re making a payment related to crypto assets, we’ll decline it. If you’d still like to invest in crypto assets, you can try using a different bank or provider instead, but please be cautious, as you may not be able to get the money back if the payment ends up being related to fraud or a scam.”
The bank will shift its policy to improve customer safety amid increased cases of scammers who leave crypto enthusiasts with massive financial losses. Chase UK will not process payments suspected to originate from crypto undertakings.
The bank advised enthusiasts who wish to invest in crypto to use other service providers. Further, it cautioned about the challenges of recovering money lost to cryptocurrency frauds. Also, Chase UK directed its users to find more info about safeguarding their money on its official website.
JPMorgan Chase is a New York-based multinational financial firm offering multiple monetary services, including commercial and retail banking, investment banking, and asset management. The company operates internationally, serving individuals, institutions, and small businesses.
The post Coinbase CEO criticizes Chase UK for banning crypto payments appeared first on Invezz.
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