Brian Armstrong, CEO of major United States-based cryptocurrency exchange Coinbase, has condemned the decision of JPMorgan’s subsidiary Chase UK to restrict crypto-related transactions.
Brian Armstrong took to X (formerly Twitter) on Sept. 26 to slam Chase Bank for its “totally inappropriate” move to ban its customers in the United Kingdom from making any debit card or wire transfers related to crypto transactions.
“U.K. crypto holders should close their accounts if this is how they’re going to be treated,” Armstrong wrote. The CEO also urged U.K. officials — including U.K. Prime Minister Rishi Sunak and U.K. Economic Secretary Andrew Griffith — to check whether Chase UK’s actions respect the country’s policy goals.
Armstrong expressed hope that Chase UK might change its decision after the officials look into the situation, stating:
“Really hoping there is more to this story than meets the eye, and that this does not reflect Chase UK’s actual view.”
On Sept. 26, Chase UK officially confirmed to Cointelegraph that the company decided to ban its customers from making any crypto-related transactions, citing a high level of fraud in crypto.
“Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction,” the bank said in a statement.
According to Coinbase’s official website, the U.K. is among the regions supported by the platform, alongside the United States, Europe and Canada. The exchange has been actively pursuing its expansion ambitions in the United Kingdom. In April 2023, Coinbase stated that the firm was working “seriously” in the U.K. and Europe.
While pushing aggressive expansion in the U.K. and Europe, Coinbase has been facing legal issues at home. In June 2023, the U.S. Securities and Exchange Commission filed a lawsuit against Coinbase, alleging that the exchange had violated securities laws.
There is “no doubt” the UK “will spend 3% of our GDP on defence” in the next parliament, the defence secretary has said.
John Healey’s comments come ahead of the publication of the government’s Strategic Defence Review (SDR) on Monday.
This is an assessment of the state of the armed forces, the threats facing the UK, and the military transformation required to meet them.
Prime Minister Sir Keir Starmer has previously set out a “clear ambition” to raise defence spending to 3% in the next parliament “subject to economic and fiscal conditions”.
Mr Healey has now told The Times newspaper there is a “certain decade of rising defence spending” to come, adding that this commitment “allows us to plan for the long term. It allows us to deal with the pressures.”
A government source insisted the defence secretary was “expressing an opinion, which is that he has full confidence that the government will be able to deliver on its ambition”, rather than making a new commitment.
The UK currently spends 2.3% of GDP on defence, with Sir Keir announcing plans to increase that to 2.5% by 2027 in February.
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This followed mounting pressure from the White House for European nations to do more to take on responsibility for their own security and the defence of Ukraine.
The 2.3% to 2.5% increase is being paid for by controversial cuts to the international aid budget, but there are big questions over where the funding for a 3% rise would be found, given the tight state of government finances.
While a commitment will help underpin the planning assumptions made in the SDR, there is of course no guarantee a Labour government would still be in power during the next parliament to have to fulfil that pledge.
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From March: How will the UK scale up defence?
A statement from the Ministry of Defence makes it clear that the official government position has not changed in line with the defence secretary’s comments.
The statement reads: “This government has announced the largest sustained increase to defence spending since the end of the Cold War – 2.5% by 2027 and 3% in the next parliament when fiscal and economic conditions allow, including an extra £5bn this financial year.
“The SDR will rightly set the vision for how that uplift will be spent, including new capabilities to put us at the leading edge of innovation in NATO, investment in our people and making defence an engine for growth across the UK – making Britain more secure at home and strong abroad.”
Sir Keir commissioned the review shortly after taking office in July 2024. It is being led by Lord Robertson, a former Labour defence secretary and NATO secretary general.
The Ministry of Defence has already trailed a number of announcements as part of the review, including plans for a new Cyber and Electromagnetic Command and a £1bn battlefield system known as the Digital Targeting Web, which we’re told will “better connect armed forces weapons systems and allow battlefield decisions for targeting enemy threats to be made and executed faster”.
Image: PM Sir Keir Starmer and Defence Secretary John Healey on a nuclear submarine earlier this year. Pic: Crown Copyright 2025
On Saturday, the defence secretary announced a £1.5bn investment to tackle damp, mould and make other improvements to poor quality military housing in a bid to improve recruitment and retention.
Mr Healey pledged to “turn round what has been a national scandal for decades”, with 8,000 military family homes currently unfit for habitation.
He said: “The Strategic Defence Review, in the broad, will recognise that the fact that the world is changing, threats are increasing.
“In this new era of threat, we need a new era for defence and so the Strategic Defence Review will be the vision and direction for the way that we’ve got to strengthen our armed forces to make us more secure at home, stronger abroad, but also learn the lessons from Ukraine as well.
“So an armed forces that can be more capable of innovation more quickly, stronger to deter the threats that we face and always with people at the heart of our forces… which is why the housing commitments that we make through this strategic defence review are so important for the future.”