Kingdom

Cryptocurrency

United

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 <p class="paragraph">On September 26, the <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market in the United Kingdom (UK) stumbled into a supposed communication by Chase Bank UK, addressing the compulsive halt of every payment related to <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies, entitled: “Our policy around <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> is changing.”</p> 
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 <p class="paragraph">The message said:</p> 
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  <p class="paragraph">“If we think you are making a payment related to crypto assets, we will decline it.”</p> <cite>— Chase Bank UK.</cite>
 </blockquote> 
 <p class="paragraph">This information was supposedly shared via an email and signed by “The Chase Team”. In this line, the news was spreading fast among various media outlets and social networks, such as X (formerly Twitter).</p> 
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 <p class="paragraph">In this context, Brian Armstrong — CEO of Coinbase — deemed the bank’s behavior “totally inappropriate”, on September 26.</p> 
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Totally inappropriate behavior from @Chase UK (this is their UK bank only is my understanding)@RishiSunak @griffitha It appears @Chase UK does not respect your policy goals – thoughts?<br><br>UK <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> holders should close their @Chase <a rel="dofollow" title="account" href="https://thebittimes.com/tag/account.html">account</a>s if this is how they're going to be… https://t.co/n8OBxhtpcg</p>— Brian Armstrong ️ (@brian_armstrong) September 26, 2023
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 <p class="paragraph">Chase Bank is the retail branch of JP Morgan Chase &amp; Co (NYSE: JPM) group. So far, there have been no public announcements by either of the related companies, which raised doubts regarding the legitimacy of the described decision, although users have already complained about having their banking accounts closed due to crypto-related payments.</p> 
 <h2 class="wp-block-heading" id="h-coinbase-ceo-calls-for-a-boycott-against-chase-uk">Coinbase CEO calls for a boycott against Chase UK</h2> 
 <p class="paragraph">Moreover, the Coinbase CEO questioned how this behavior could possibly be aligned with the United Kingdom Prime Minister’s, Rishi Sunak, and the government’s vision — who had already manifested a will to convert the UK into a global cryptoasset technology hub.</p> 
 <p class="paragraph">Following the questioning, Brian Armstrong also urged “UK crypto holders” to close their Chase bank accounts, “if this is how they’re going to be treated”, in his words.</p> 
 <p class="paragraph">Interestingly, some <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> enthusiasts started manifesting their will to close their Chase <a rel="dofollow" title="account" href="https://thebittimes.com/tag/account.html">account</a>s, following the recommended solution by the team in the supposed email, where they wrote:</p> 
 <blockquote class="wp-block-quote"> 
  <p class="paragraph">“If you would still like to invest in crypto assets, you can try using a different bank or provider instead”.</p> <cite>— Chase Bank UK</cite>
 </blockquote> 
 <p class="paragraph">Alex Valaitis (@alex_valaitis, 36 thousand followers on X) is one of the crypto enthusiasts who stated that this email “signals the end of my relationship with Chase.” Other supposed customers joined the thread to express they were also planning to follow the boycott.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">I think this signals the end of my banking relationship with @Chase.<br><br>Had a terrible experience opening a business account with them recently… And now this.<br><br>It's very clear that these banks are dinosaurs &amp; will fight any sort of financial innovation to protect their monopoly. pic.twitter.com/oyXFnk6lmh</p>— Alex Valaitis (@alex_valaitis) September 26, 2023
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 <h2 class="wp-block-heading" id="h-jpmorgan-chase-co-stocks-analysis">JPMorgan Chase &amp; Co stocks analysis</h2> 
 <p class="paragraph">Despite recent developments, JPM shares closed September 26 with daily gains and are currently being traded at $145.19 per share on another slightly positive day.</p> 
 <figure class="wp-block-image size-large">
  <img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/09/28/1fc5faca2c91877d52142979befa3e3e.webp" alt="JPMorgan Chase &amp; Co stocks analysis" class="wp-image-130266" srcset="https://cdn.thebittimes.com/images/2023/09/28/1fc5faca2c91877d52142979befa3e3e.webp 1024w, https://cdn.thebittimes.com/images/2023/09/28/1fc5faca2c91877d52142979befa3e3e.webp 300w, https://cdn.thebittimes.com/images/2023/09/28/1fc5faca2c91877d52142979befa3e3e.webp 768w, https://cdn.thebittimes.com/images/2023/09/28/1fc5faca2c91877d52142979befa3e3e.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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   JPM 1-day price chart. Source: Finbold
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 <p class="paragraph">Nevertheless, JPMorgan Chase &amp; Co stock has suffered through a tough week, losing over 3% in the last seven days.&nbsp;</p> 
 <p class="paragraph">The market now awaits further confirmation on the crypto-related payment halts that should occur by October 16 from the United Kingdom’s retail branch, per the supposed email.</p> 
 <p class="paragraph"> </p>
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/coinbase-ceo-appeals-to-uk-govt-urges-crypto-investors-to-ditch-chase-bank-accounts-tbt64237.html">https://thebittimes.com/coinbase-ceo-appeals-to-uk-govt-urges-crypto-investors-to-ditch-chase-bank-accounts-tbt64237.html</a></p>

Coinbase CEO appeals to UK govt, urges crypto investors to ditch Chase bank accounts

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