Brian Armstrong has urged UK customers of JPMorgan Chase to close their accounts in protest at the a ban on crypto transactions.
Highlights
- Brian Armstrong has urged UK customers of JPMorgan Chase to close their accounts in protest at the bank’s upcoming ban on crypto transactions.
- The retail bank announced this week it would be banning account activity involving cryptocurrency from October 16, citing a rise in scams and fraud.
- The move is the latest in a recent slew of financial institutions to turn its back on digital assets.
- The announcement has also triggered debate among the crypto legal community, with William Garner, Partner at law firm Charles Russell Speechlys, stating it is interesting to see if it becomes a publicly disclosed formal policy.
- He said: “From our direct experience we know that crypto related businesses have found it virtually impossible to get traditional corporate bank accounts for the last few years in any event”
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