• Coinbase CEO Brian Armstrong lately accused Financial institution of America of closing the financial institution accounts of its trade prospects.
• Armstrong demanded an evidence from the massive financial institution after a buyer complained in regards to the problem.
• The CEO instructed his followers that he would contact Financial institution of America concerning the continuing problem.

Brian Armstrong, the person behind the biggest U.S. cryptocurrency trade, has accused Financial institution of America of accusing it of closing the financial institution accounts of a few of its Coinbase prospects. The problem first got here to mild when crypto entrepreneur Munib Ali highlighted the problem on Twitter.

Earlier this week, Ali took to Twitter to tell the cryptocurrency group about Financial institution of America’s choice to shut his checking account. He stated the financial institution didn’t give a cause for closing the account, however stated it suspected it was because of Coinbase transactions made utilizing the account. Ali warned that the financial institution’s transfer was “a warfare on Bitcoin and cryptocurrencies.”

Coinbase CEO Brian Armstrong responded to Ali’s tweet by asking if his followers had been dealing with comparable points. Armstrong launched a Twitter ballot to learn the way many cryptocurrency trade prospects have been affected by the Financial institution of America crackdown. A ballot discovered that greater than 1,400 Coinbase prospects had their financial institution accounts closed.

After the utility pole incident, Brian Armstrong tagged Financial institution of America in a tweet demanding an evidence for the closure of cryptocurrency trade prospects’ accounts. He promised his followers that he would contact his financial institution in regards to the matter. Financial institution of America has not issued an official assertion on the matter.

Mneed Ali continued to replace on July 15, 2023, telling his followers that Financial institution of America had reinstated his account. When requested in regards to the cause for the closure, the financial institution stated the chance profile of Ali’s account didn’t meet its requirements. Nevertheless, after revisiting the problem, the financial institution reversed its choice.