Coinbase CEO Calls Out Financial institution of America For Closing Financial institution Accounts

• Coinbase CEO Brian Armstrong lately referred to as out Financial institution of America for closing the financial institution accounts of the trade’s clients.
• Armstrong demanded a proof from the banking big after his clients complained in regards to the subject. 
• The CEO informed his followers that he would attain out to Financial institution of America relating to the continuing subject.

Brian Armstrong, the person behind the most important crypto trade in america, has referred to as out banking big Financial institution of America, for allegedly shutting down the financial institution accounts of a few of Coinbase’s clients. The problem first got here to gentle when crypto entrepreneur Muneeb Ali highlighted the difficulty on Twitter. 

Ali took to Twitter earlier this week to tell the crypto neighborhood about Financial institution of America’s resolution to shut his checking account. He acknowledged that whereas the financial institution gave no cause for the account closure, he suspected that it was because of the Coinbase transactions he had made utilizing the account. Ali warned that the financial institution’s transfer was a “battle on Bitcoin and crypto.”

Coinbase CEO Brian Armstrong responded to Ali’s tweet and requested his followers in the event that they had been going through comparable points. Armstrong started a Twitter ballot to find out the variety of his crypto trade’s clients affected by Financial institution of America’s crackdown. The ballot confirmed that greater than 1400 Coinbase clients had their financial institution accounts shut down. 

Following the pole, Brian Armstrong tagged Financial institution of America in a tweet and demanded a proof for the account closures of his crypto trade’s clients. He assured his followers that he would attain out to the financial institution relating to this matter. Financial institution of America has not launched an official assertion to handle this subject. 

Muneed Ali adopted up with an replace on July 15, 2023, and informed his followers that Financial institution of America had reinstated his account. When requested in regards to the cause for the closure, the financial institution acknowledged that the danger profile of Ali’s account didn’t meet their requirements. Nevertheless, after conducting a evaluation of the matter, the financial institution reversed its resolution.