City AM quotes William Garner on Chase UK banning crypto transactions
The head of one of the largest cryptocurrency exchanges in the world has urged UK customers of JPMorgan Chase to close their accounts in protest at the retail bank’s upcoming ban on crypto transactions.
Chase UK announced this week it would be banning account activity involving cryptocurrency from 16 October, citing a rise in scams and fraud.
William Garner, Partner in Financial Services Regulation & Funds, provides comments on whether the announcement could become a publicly disclosed formal policy:
"Many have had to use either overseas banks or online alternatives (such as payment firms). However, to date, we do not believe that banks have had quite such a formal and public policy. If UK banks start to adopt formal policies, but banks in other jurisdictions don’t, that will be interesting from an international perspective.”
Read the full article in City AM here.
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