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Coinbase CEO slams JPMorgan for banning crypto payments in UK, suggests
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Coinbase CEO slams JPMorgan for banning crypto payments in UK, suggests
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 * watchlive

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COINBASE CEO SLAMS JPMORGAN FOR BANNING CRYPTO PAYMENTS IN UK, SUGGESTS
GOVERNMENT SHOULD ACT

Published Fri, Sep 29 20237:00 AM EDT
Ryan Browne@Ryan_Browne_
WATCH LIVE
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LinkedInShare Article via Email
Key Points
 * Chase UK earlier this week put out a notice to customers saying it will no
   longer allow its customers to purchase cryptocurrencies using its debit cards
   or through bank transfers.
 * The bank cited concerns over the risk of fraud to its customers from
   cryptocurrencies, citing data showing that fraud related to digital
   currencies has been on the rise.
 * Coinbase CEO Brian Armstrong slammed the move by Chase UK to ban
   crypto-related transactions, saying it wasn’t right for private companies to
   “de-platform” the crypto industry.
 * Armstrong suggested that the U.K. government should take heed of the move,
   though he acknowledged the country’s ambition to become a “Web3 and crypto
   hub.”

In this article

 * JPM-0.53 (-0.36%)
 * COIN+0.25 (+0.33%)

Follow your favorite stocksCREATE FREE ACCOUNT
Brian Armstrong, chief executive officer of Coinbase Global Inc., speaks during
the Messari Mainnet summit in New York, on Thursday, Sept. 21, 2023.
Michael Nagle | Bloomberg | Getty Images

Coinbase CEO Brian Armstrong is unhappy with JPMorgan Chase’s decision to block
crypto-related transactions at its U.K. digital banking subsidiary, Chase UK.

Chase UK earlier this week put out a notice to customers saying it will no
longer allow its customers to purchase cryptocurrencies using its debit cards or
through bank transfers, citing concerns over the risk of fraud to users from
digital tokens.



The bank, which has operated as a standalone entity in the U.K. since 2021, said
it was taking the step because “fraudsters are increasingly using crypto assets
to steal large sums of money from people.”

“Once in a while we see a bank in the world that decides they want to
de-platform this whole industry,” Armstrong said in an interview with CNBC’s
“Squawk Box” on Thursday.

“I don’t think that’s OK. I don’t think that’s the rule of things in our
society. I think the government should decide what is allowed and what’s not.”

The move from Chase UK has not happened in a vacuum. Other British lenders have
taken similar steps to bar crypto transactions, citing the risk of fraud.

Examples include NatWest, which placed limits on the amount of cash that can be
sent to crypto exchanges, and HSBC, which banned crypto purchases altogether.




CRYPTO FRAUD CONCERNS

In its note to customers Tuesday, Chase UK said that it was blocking the use of
crypto by its customers due to concerns over a rise in fraud.

watch now
VIDEO5:2305:23
Crypto exploits the gray area between securities and commodities regulation,
says actor Ben McKenzie
The Exchange


Data from Action Fraud, the U.K. fraud reporting agency, shows that U.K.
consumer losses to crypto fraud increased by over 40% in the last year,
surpassing £300 million for the first time.

Bitcoin, ether, XRP and other cryptocurrencies are not legal currency.

Originally created as an alternative, online form of money meant to bypass the
need for bank accounts and other financial middlemen, they have increasingly
been embraced by mainstream financial institutions such as PayPal, Visa, and
Mastercard.

But they have long been associated with illicit activities such as money
laundering, terrorist financing and illegal gambling, not least due to their
pseudonymous nature.

The people transacting in bitcoin and other digital currencies don’t disclose
their real identity, making it harder for banks to trace them for suspicious
payments versus digital fiat currency transactions.


LEGITIMIZING CRYPTO

Nevertheless, crypto’s proponents say that the industry has matured a great deal
in the wake of the collapse of FTX and numerous other scandals. They say it can
become part of everyday payments and trading in a way that is legitimate.

For its part, the U.K. has been working to develop legislation that would
regulate retail trading in crypto assets.

The Financial Services and Markets Bill is one example of legislation that
already includes some provisions on cryptocurrency. That specific law aims to
bring crypto assets into the regulatory fold. But it is not a comprehensive law
addressing crypto through tailored laws.

In an interview with CNBC’s Arjun Kharpal, Economic Secretary to the Treasury
Andrew Griffith said the U.K. could pass a crypto-specific law by April 2024.

Jurisdictions around the world from Dubai to Singapore have been trying to
position themselves as crypto-friendly places to encourage firms to set up shop
there.

The U.S., meanwhile, has taken a hard line on cryptocurrency firms with its
regulators stepping up enforcement action against companies.

Armstrong suggested that the U.K. government should take heed of Chase UK’s move
to ban crypto payments — though he acknowledged the country’s ambition to become
a “Web3 and crypto hub.”

“The government in the U.K. through [U.K. PM] Rishi Sunak and Andrew Griffith
the city minister in London have it made clear they want to make the U.K. a Web3
and crypto hub,” Armstrong said.

“They are trying to attract businesses there. I was disappointed to see Chase
UK’s stance on that. I hope that was a misunderstanding that will be clarified
in the coming weeks.”

WATCH: Coinbase CEO joins entrepreneurs on Capitol Hill to push for clear crypto
rules: CNBC Crypto World

watch now
VIDEO11:2611:26
Coinbase CEO joins entrepreneurs on Capitol Hill to push for clear crypto rules:
CNBC Crypto World
Crypto World


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