At the top of the survey of comparable circumstances, 8.9% voted sure, whereas 19.3% stated no.
Bank of America was penalized this week by the CFPB and the OCC.
On Wednesday, Muneeb Ali, co-founder of Stacks, a Bitcoin layer for good contracts, disclosed on Twitter that Bank of America (BOFA) had abruptly cancelled his checking account of 15 years with out offering an evidence. He thinks the account was closed as a result of he used it to purchase crypto utilizing Coinbase.
Coinbase CEO Brian Armstrong replied to the tweet by inquiring whether or not another customers had skilled issues whereas utilizing Bank of America. The CEO of Coinbase expressed his displeasure with this chance on Twitter. He then went to Twitter to see if anyone else had had their Bank of America accounts frozen for utilizing his cryptocurrency alternate.
.@BankofAmerica do you’ve gotten an evidence for this? We will probably be reaching out https://t.co/8y1UfNqnY0
— Brian Armstrong 
(@brian_armstrong) July 15, 2023
Mixed Response by Users
At the top of the survey, 16,701 folks had solid their vote; 8.9% voted sure, whereas 19.3% stated no. In response to Armstrong’s survey, a number of respondents provided their very own tales, with some claiming they’d by no means had any issues. However, a number of reported that their financial institution had frozen or cancelled their accounts due to their crypto purchases.
Bank of America was penalized this week by the CFPB and the Office of the Comptroller of the Currency (OCC) for “illegally charging junk charges, withholding bank card rewards, and opening pretend accounts.” More than $100 million will go to compensate victimized clients, whereas one other $150 million will go to fines paid to the 2 regulatory our bodies.
Coinbase, however, has introduced that its staking service can be discontinued in 4 American states. In order to fulfill the requirements set by the regulatory authorities in these jurisdictions, Coinbase, one of many greatest and hottest cryptocurrency exchanges within the U.S, took this route of motion.
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