Chase UK Faces Backlash for Blocking Cryptocurrency Payments, Raises Concerns over Big Banks' Control

Chase UK, the country's second-largest bank, has announced that it will block payments for cryptocurrency starting from October 16. The decision was made due to an increase in frauds and scams related to crypto assets. The move has sparked criticism, with the UK government being urged to review Chase Bank's policy. Coinbase CEO Brian Armstrong suggested that UK crypto holders should close their Chase accounts in response.

Kraken CEO also criticized the decision, stating that it will be reversed or Chase will become irrelevant. However, some industry executives believe that the ban is not a big deal. Chase UK's decision to ban crypto transactions has raised concerns about the power of big banks and their control over people's lives.