Invezz.com – JPMorgan subsidiary Chase UK has revealed major adjustments to its cryptocurrency payments policy, citing fraud concerns. This new rule will take effect from October 16, 2023. Meanwhile, Coinbase (NASDAQ:COIN) CEO and co-founder Brian Armstrong did not agree with the updated policy.
In his X post, Armstrong called Chase UK’s decision “very inappropriate behavior.” Additionally, he tagged British Prime Ministers Rishi Sunak and Andrew Griffith, questioning whether Chase UK was sticking to his government’s goals.
Brian Armstrong urges cryptocurrency holders in the UK to close their Chase accounts due to shady trading.
“UK cryptocurrency holders should close their Chase accounts if this is what they want.”
Chase UK prioritizes customer safety/h2
As reported by invezz.com, Chase UK informed its users about major policy adjustments regarding crypto payments. The bank explained that it would reject transactions related to digital assets starting October 16, 2023.
“Starting October 16, 2023, if we believe you made a payment related to crypto assets, we will reject it. If you still want to invest in crypto assets, you can try using a bank or other provider, but be careful as you may not be able to get your money back if the payment ends up being related to fraud or a scam.”
Banks will change their policies to improve customer security amid increasing cases of fraudsters causing huge financial losses to cryptocurrency enthusiasts. Chase UK will not process payments suspected to come from crypto companies.
The bank advises enthusiasts who want to invest in cryptocurrencies to use other service providers. Additionally, he warned about the challenges of recovering money lost to cryptocurrency fraud. Additionally, Chase UK instructs its users to find more information about how to protect their money on its official website.
JPMorgan Chase (NYSE:JPM) is a New York-based multinational financial company that offers a variety of money services, including commercial and retail banking, investment banking, and asset management. The company operates internationally and provides services to individuals, institutions and small businesses.
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The post Coinbase CEO criticizes Chase UK for banning cryptocurrency payments appeared first on Invezz.
This article was originally published by Invezz.com
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