Bitcoin News and Finance

Coinbase CEO Calls on Chase Customers in UK to Close Accounts After the Bank Says It Will Decline Crypto Payments

Coinbase CEO Calls on Chase UK Customers to Close Accounts After the Bank Says Crypto Transactions Will Be Declined

Coinbase CEO Brian Armstrong has slammed JPMorgan’s British retail bank, Chase UK, for changing its policy to block all crypto-related payments. Calling the move by Chase “totally inappropriate,” the Coinbase boss said: “UK crypto holders should close their Chase accounts if this is how they’re going to be treated.” Meanwhile, the British government is striving to make the U.K. a global crypto hub.

Coinbase’s CEO Slams Chase Bank Over Anti-Crypto Policy

The CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, publicly criticized JPMorgan’s British retail bank, Chase UK, on Wednesday for changing its policy to block all crypto-related payments. The Coinbase executive wrote on social media platform X:

Totally inappropriate behavior from Chase UK (this is their UK bank only is my understanding) … UK crypto holders should close their Chase accounts if this is how they’re going to be treated.

Armstrong also alerted British Prime Minister Rishi Sunak and Member of Parliament Andrew Griffith on X to address Chase’s anti-crypto policy shift. “It appears Chase UK does not respect your policy goals,” the Coinbase chief wrote.

The British government is striving to make the U.K. a hub for digital assets. “It’s my ambition to make the U.K. a global hub for crypto asset technology,” British Prime Minister Rishi Sunak said in April last year after introducing several measures to help “ensure firms can invest, innovate, and scale up.” He was the country’s Chancellor of the Exchequer at the time. Chief Secretary to the Treasury John Glen also said: “We want this country to be a global hub — the very best place in the world to start and scale crypto-companies.”

Chase recently informed its U.K. customers:

From 16 October 2023, if we think you are 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 added: “We’ve made this decision because fraudsters are increasingly using crypto assets to steal large sums of money from people. Declining these payments is one of the ways we are helping keep you and your money safe.”

Commenting further on Chase’s new policy to block crypto payments, the Coinbase boss opined: “Really hoping there is more to this story than meets the eye, and that this does not reflect Chase UK’s actual view.”

What do you think about Chase’s new policy to decline all cryptocurrency-related payments? Do you think crypto holders should close their Chase accounts like the Coinbase CEO suggested? Let us know in the comments section below.

Comments

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r

Bitcoin News and Finance: What You Need to Know

Search This Blog