Coinbase CEO Criticizes Chase UK’s Crypto Transaction Ban

Key Takeaways

* Brian Armstrong condemns Chase UK’s decision to restrict crypto-related transactions

* The move prompts dialogue with UK officials regarding the country’s crypto policy

* The ban poses challenges for Coinbase’s expansion ambitions in the UK


Brian Armstrong, the Chief Executive Officer of the major United States-based cryptocurrency exchange, Coinbase, has expressed disapproval over Chase UK’s recent decision to halt all crypto-related transactions. Armstrong shared his criticism publicly through a post on X (formerly Twitter) on September 26, 2023, describing Chase UK’s move as “totally inappropriate.”

Reaction to Transaction Ban

Armstrong’s comments came in response to the news that Chase UK, a subsidiary of JPMorgan, has resolved to decline all customer transactions related to cryptocurrency, citing a high level of fraud associated with crypto transactions as the primary reason. The bank confirmed this stance to Cointelegraph on the same day. According to Chase UK, customers attempting to carry out crypto-related transactions will receive a declined transaction notification.

In his post, Armstrong urged crypto holders in the UK to close their Chase accounts as a form of protest against this restrictive measure. He also beckoned UK officials, including Prime Minister Rishi Sunak and Economic Secretary Andrew Griffith, to evaluate whether Chase UK’s actions align with the broader policy goals of the country concerning cryptocurrency.

Implications for Coinbase

This development could potentially hinder Coinbase’s aggressive expansion efforts in the UK and Europe. According to the official website of Coinbase, the platform supports transactions in the UK, alongside the US, Europe, and Canada. In April 2023, Coinbase had expressed its serious commitment to expanding its operations in the UK and Europe. This ambition, however, may face challenges given the restrictive stance of major financial institutions like Chase UK towards cryptocurrency transactions.

While the UK and European markets present significant growth opportunities for Coinbase, the firm has also been dealing with legal hurdles in the US. Notably, in June 2023, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase, alleging violations of securities laws.

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Bitget Launches Web3 Fund

Bitget, a cryptocurrency exchange, has established a Web3 Fund to provide financial assistance to venture capital businesses and projects all over the globe that are Web3-friendly. The exchange will give priority to Asian initiatives that are headed by competent teams and have clear roadmaps, with an emphasis on finding solutions to challenges that exist in the real world. Gracy Chen, managing director of Bitget, has underlined the exchange’s dedication to make Web3 a worldwide phenomenon, just like Web2 was. Web2 was a sensation that spanned the whole globe. The objective of the Bitget Web3 Fund is to identify those initiatives that will have the greatest possible influence on the procedure.

Foresight Ventures, ABCDE Capital, SevenX Ventures, and DAO Maker are just few of the venture capitalists that may be interested in participating in this endeavor as possible partners. Another prospective partner is Dragonfly Capital, which has just made an investment of $10 million in Bitget to assist the company’s continuous worldwide development.

Over 80,000 traders and 380,000 replica traders have joined Bitget since the platform’s inception in 2018. The exchange has ambitions to extend the goods it offers in 2023, including spot trading, launchpad, and Bitget Earn. Bitget has just just paid $30 million to purchase BitKeep, a Web3 access gateway that has more than 9.5 million customers.

Bitget established a fund with a capitalization of $200 million during the bear market that occurred in 2017 in order to protect the assets of its customers and regain the trust of investors. The value of the fund was guaranteed to be preserved by the exchange for a period of three years. Additionally, throughout the course of the previous year, Bitget instituted stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures in order to prevent dishonest individuals from using its services.

The fact that Bitget has decided to establish a Web3 Fund is evidence of the company’s dedication to fostering growth within the Web3 ecosystem. The exchange intends to discover and support initiatives that have the potential to have the most significant influence on making Web3 a phenomenon on a worldwide scale, and it will do this with the assistance of its possible partners. Bitget’s goals for development through the year 2023 demonstrate the company’s commitment to satisfying the ever-evolving requirements of its client base while also preserving its position as a market leader in the cryptocurrency exchange field.


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Independent Reserve Considers Expansion to Hong Kong

Australia’s Independent Reserve Eyes Expansion to Hong Kong Amidst Proposed Licensing Regime for Crypto Exchanges

Independent Reserve, a cryptocurrency exchange based in Australia, is looking into expanding its business in Hong Kong following the city’s recent proposal of a licensing regime for crypto exchanges. The move is in line with Hong Kong’s ambitions to become Asia’s next cryptocurrency hub.

The Hong Kong Securities and Futures Commission (SFC) announced on February 20, 2023, that it will release a proposed licensing regime for cryptocurrency exchanges set to take effect in June of the same year. Under the new regime, Hong Kong-based crypto companies must comply with various measures relating to the safe custody of assets, such as Anti-Money Laundering (AML), Know Your Customer (KYC), counter-financing of terrorism (CFT) countermeasures, and conflict of interest disclosures and audits.

Adrian Przelozny, CEO of Independent Reserve, expressed his interest in expanding the company’s business in Hong Kong, saying that “right now, it is looking very interesting” and that “the recent announcement by the regulators in Hong Kong does make Hong Kong look like a friendly jurisdiction.” He added that his team will visit Hong Kong next week to meet with banks, regulators, lawyers, and compliance experts to determine if the location suits the company.

If Independent Reserve decides to expand to Hong Kong, it will join other cryptocurrency exchanges such as Huobi and OKX. Hong Kong’s proximity to mainland China, where cryptocurrency is heavily regulated, may make it an attractive destination for crypto exchanges looking to tap into the Chinese market.

Przelozny also commented on the region’s political relationship with China, stating that he believes China is testing how a more relaxed cryptocurrency regime looks in Hong Kong. Despite concerns over the potential impact of China’s regulations on Hong Kong’s cryptocurrency industry, the city’s government has remained committed to developing the industry and positioning itself as a hub for digital assets.

Independent Reserve’s potential expansion to Hong Kong is a significant move for the company and a promising sign for Hong Kong’s burgeoning cryptocurrency industry. As the city continues to establish itself as a hub for digital assets, more and more companies are likely to follow suit.


Tagged : / / / / / Aims at Expansion in South Korea amid Crypto Meltdown

Singapore-based crypto exchange has been on an expansion drive, with its latest bet being in South Korea, according to Bloomberg. has revealed the acquisition of South Korean virtual-asset exchange OK-BIT Co. and payment service provider PnLink Co. in line with the country’s Electronic Financial Transaction Act. 

Eric Anziani,’s COO, pointed out:

“We’re trying to be able to bring some of our offerings to the Korean market and also work with partners here that are at the forefront of gaming and entertainment.”

Therefore,’s decision to enter the South Korean market was triggered by the nation’s comparatively high adoption levels of crypto. has been on an aggressive expansion drive, having secured operating licenses in Italy and Cyprus last month. 

With Italy being a crucial economy in the European Union, was delighted to set foot in the nation as this would complement and significantly boost its expansion plans, Blockchain.News reported. 

Upon getting the green light to operate in Cyprus, Kris Marszalek noted that Europe was fundamental in the exchange’s expansion plan.

The CEO and co-founder of stated:

“Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers.”

Therefore,’s expansion drive seems to be instigated by recovery plans based on the witnessed crypto winter.

For instance, Bitcoin (BTC) has shed at least 65% of its value from the all-time high (ATH) price of $69,000 recorded in November last year. 

The leading cryptocurrency was hovering around $23,672 during intraday trading, according to CoinMarketCap. 

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Coinbase Plans Expansion into Europe amid Market Downturn

Nasdaq-listed cryptocurrency exchange Coinbase Global Inc has announced its plans to expand its operations in the European Union and the United Kingdom despite the ongoing market downturn. 


According to an update shared by Nana Murugesan (VP of Business Development and International), and Tom Duff Gordon (VP of International Policy), the plan to expand its reach in the EU aligns with its overall goal of powering economic freedom through cryptocurrencies across the board.

The executives outlined that the company currently has a presence in some key economies, including the UK, Ireland, and Germany. They also unveiled plans that the exchange is in the process of expanding in France, Italy, Spain, and the Netherlands. In a bid to achieve these moves of expansion, they noted that CEO, Brian Armstrong as well as some members of the Coinbase executives are in the UK talking to policymakers. 

The exchange commended the landmark agreement on Markets in Crypto Assets (MiCA) reached by the key EU bodies on July 30. According to Murugesan and Gordon, the regulatory clarity will help the exchange to build the complete suite of its products in the region.

“The EU is setting measured regulatory standards for crypto assets, which should provide renewed impetus for other jurisdictions to reflect on their own approaches to regulation and Travel Rule implementation,” the duo wrote in the blog post, “During market downturns, the temptation can be to shy away from international expansion. We first entered the UK and EU during the bear market in 2015, a move that paid off significantly during the bull run a few years from then. We’ll keep building around the world, and doing everything we can to grow the crypto-economy.”

While Coinbase exchange outlined its current investments in the region including Qredo and Euler, it said its commitment to building a functional landscape in the EU and UK will be comprehensive across the bloc. 

The plans for expansion are one of Coinbase’s first attempts to shrug off the effect of the ongoing market onslaught which pushed it to lay off 18% of its global workforce back in June.

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FTX Crypto Exchange Announces Major Expansion into European Market

FTX, a major cryptocurrency exchange, announced on Monday it is launching a new European affiliate- FTX Europe, as part of efforts to establish its business in the continent. - 2022-03-08T095115.046.jpg

The exchange made such an announcement after securing approval from Cyprus’ financial regulator CySec. Following the approval, FTX Europe will start serving users across Europe.

FTX Europe is the second affiliate of the FTX crypto exchange. In May 2019, the exchange launched its American affiliate, FTX US.

FTX said that it would begin offering its products to European customers through a licensed investment company with accreditable licenses across the European economic area. The new entity will be headquartered in Switzerland, with an additional base in Cyprus.

Patrick Gruhn, a partner at the Swiss legal firm Crypto Lawyers LLC, will be the head of FTX Europe. Gruhn talked about the new development and said: “Europeans will now be able to use FTX’s best-in-class trading platform to invest in a wide range of cryptocurrencies derivatives thru a regulated investment firm.”

Meanwhile, Sam Bankman-Fried, the CEO and founder of FTX exchange, also commented about the business development and stated: “As we continue to grow, we are constantly looking at opportunities to become appropriately licensed and regulated in every market we enter. We’ll be interacting with regulators in various countries across Europe to continue to provide a safe and secure environment for people to trade crypto.”

Global Expansion into Emerging Markets

Founded in 2019, FTX is a Bahamas-based exchange that offers derivatives products as well as spot trading. In October last year, the exchange raised $420 million in a funding round with participation from top investors, including the Ontario Teachers’ Pension Plan Board, Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, BlackRock, Ribbit Capital, and Lightspeed Venture Partners. FTX planned to use the funding to expand its product offerings and push it into new markets worldwide.

FTX’s US, the American subsidiary of crypto exchange FTX, has captured attention after growing its user base to 1 million. Last month, FTX’s US announced plans to add stock trading to its platform and therefore set a pace to compete with the likes of Robinhood. FTX has been planning to add features that would enable traders to view company fundamentals on their screens, see up-to-date price quotes, and track their portfolio performance.

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Crypto Giant Circle Plans to Establish Regional Headquarters in Singapore

Circle cryptocurrency company has set its eyes on thriving Asian cryptocurrency markets. The peer-to-peer payments technology firm based in Boston, Massachusetts, plans to launch its official headquarters in Singapore to expand its geographical presence in Asia.

The blockchain-focused financial services and payment firm is also developing an investment arm called Circle Ventures that aims to invest in Japanese yen stablecoin.

Speaking in an interview with Bloomberg media outlets, Circle CEO Jeremy Allaire explained that the major reason behind making such a business move is the booming use of stablecoins.

Circle sees Asia as a market with high potential to grow when it comes to stablecoins. Mr. Allaire expects significant growth in the stablecoin usage, especially the leading two stablecoins – category leader Tether and Circle’s USDC – on borrowing and lending markets. He sees potential growth with corporate balance sheets and therefore stated in the interview that the inflation environment and search for yield would mainly trigger the market’s move to stablecoins.

“Especially in the inflation environment we’re in and the search for yield, this is going to be a big, big theme. While a lot of people want to focus on people hedging by buying Bitcoin directly, we think for stewards of capital within corporations and corporate treasurers and so on, that an allocation into stablecoin yield is actually going to be really, really attractive.” Allaire said.

Circle expects stablecoin usage growth, including the booming decentralized finance (DeFi) and forex markets.

Circle also plans to offer support for the growth in stablecoins for payments and is currently hiring professionals to fill up its Singapore headquarters to make USDC “one of the first global stablecoins to be licensed in Singapore.”

The payment firm is working with the Monetary Authority of Singapore to boost the adoption of USDC to the nation’s major businesses.

Furthermore, Circle is also launching its interest-yielding product, Circle Yield, shortly.

Stabilizing Stablecoins

Stablecoins are growing rapidly along with the wider crypto space, with some competition and co-existence with the CBDCs (Central Bank Digital Currencies).

Unlike their volatile crypto cousins, the current $130 billion stablecoin market has significantly grown because of its steady valuation and pegged to national currencies. For instance, USDC’s market value is currently about $35 billion, compared with $3.7 billion at the end of the previous year.

Stablecoins are transforming the way U.S. citizens pay for everything from cups of coffee, haircuts, petrol, cell phones, and others.

Recently as reported by Blockchain.News, Biden’s economic advisors, raised the need for Congress to establish regulatory oversight and formal market structures to protect and inform investors, issuers, and exchanges.

The Biden team recommended that Congress pass regulations that limit stablecoins issuance to insured banks. Therefore, classifying stablecoins issuers as banks is set to give government agencies like the Federal Reserve, the Federal Deposit Insurance Corporation, and others more extraordinary jurisdiction over their risk management, operations, and a better sense of the overall health industry.

Amid its plan to go public, Circle crypto firm is also seeking status as a national digital currency bank, which would operate under the guidance, rules, and oversight of the FDIC, Office of the Comptroller of the Currency (OCC), U.S. Treasury, and the Federal Reserve.

Unlike other digital assets, US SEC chairman Gary Gensler recently stated that stablecoins need to be monitored to avoid bankrolling activities.

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