Coinbase CEO criticizes Chase UK for banning crypto payments

Coinbase CEO criticizes Chase UK for banning crypto payments
фото показано с : invezz.com

2023-9-28 13:17

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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payments chase crypto rules prohibit fraud worries

Источник: invezz.com

payments chase → Результатов: 30


Chase to block UK customers crypto-related transactions from October 16

Digital banking giant Chase U. K. said it will “decline” crypto-related payments made by its users starting October 16. In emails sent to customers and obtained by CryptoSlate, the bank stated that its decision would help its users keep their “money safe from frauds and scams” as fraudsters increasingly relied on cryptocurrencies to steal from people.

2023-9-27 17:00


JPMorgan Posts Crypto-Related Job Openings Signaling Crypto Ambitions

US bank JPMorgan Chase & Co. seems to be making new plans to enter the cryptocurrency scene. The bank’s recent job openings have led to reports of its growing cryptocurrency ambitions. JPMorgan’s Blockchain Jobs Openings for positions like “Cryptocurrency Risk Manager Vice President and Merchant Services-VP, Payments Partnerships (New Payment Methods)” can be seen on […] The post JPMorgan Posts Crypto-Related Job Openings Signaling Crypto Ambitions first appeared on BitcoinExchangeGuide.

2021-6-3 20:42


JPMorgan, DBS, and Singapore’s Temasek to Develop Blockchain Payment, Trade, & Settlement Platform

As part of a move to address the challenges with the current interbank settlement structure, JPMorgan Chase & Co. has joined forces with two Asian financial giants. The American giant is teaming up with Temasek Holdings and DBS Holdings to launch a blockchain-based platform to redefine value transmission for trade, payments, and foreign exchange settlement.

2021-4-28 17:53


Фото:

Инвестбанк JPMorgan запустит собственный стейблкоин

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