Coinbase CEO Brian Armstrong has slammed JPMorgan Chase’s decision to ban cryptocurrency payments in the UK, calling it “wrong” for private companies to “de-platform” the crypto industry.
In a warning to customers earlier this week, Chase UK stated that it will no longer permit its customers to buy cryptocurrencies using its debit cards or through bank transfers, citing worries about the possibility of user fraud from digital tokens.
The CEO of Coinbase stressed the need for a clear regulatory framework for cryptocurrency businesses in the UK and urged regulators to take Chase UK’s decision under consideration.
Armstrong’s criticism of Chase UK’s decision comes at a time when the UK government is trying to position itself as a global hub for crypto innovation. The government has recently announced a number of measures to support the crypto industry, including a new regulatory framework and a sandbox for crypto businesses to test their products and services.
“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 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.
Armstrong welcomed the U.K.’s desire to become a “Web3 and crypto hub,” but he recommended that the government pay attention to Chase UK’s decision to prohibit cryptocurrency payments.
Cryptocurrency can be purchased, sold, transferred, and stored using Coinbase’s safe online platform. With more than 98 million verified users across more than 100 countries, it is one of the biggest cryptocurrency exchanges in the world. Coinbase offers a wide range of features and services.