UK Government Called Upon to Address Contradictions in Crypto Policy and Chase Bank’s Actions
Bitcoin Policy UK has called upon the British government to scrutinize Chase Bank’s decision to reject all crypto payments.
The advocacy group expressed concern over Chase’s new policy to block crypto transactions and emphasized the contradiction with the UK government’s ambition to establish the UK as a crypto asset hub. The group pointed out that cryptocurrency-related activities are lawful in the UK and that most crypto exchanges are regulated. They raised alarms about Chase’s arbitrary move to prevent customers from engaging in lawful crypto transactions, highlighting the bank’s regulatory oversight by the FCA and the PRA.
The group also cited data from Chainalysis, disputing Chase’s claim that the crypto sector is exceptionally fraudulent. They voiced concerns about a troubling trend towards financial censorship and restrictions on financial freedom in the UK. In conclusion, the group urged the government to review Chase’s decision in light of its policy objectives. Coinbase CEO Brian Armstrong recently criticized Chase’s anti-crypto policy, encouraging customers to consider closing their accounts.
Clever Robot News Desk 3rd October 2023
