- Stacks co-founder Muneeb Ali has introduced that Financial institution of America has closed his account.
- Ali speculates that the shutdown was resulting from his Bitcoin transactions on Coinbase.
- Coinbase CEO Brian Armstrong requested the general public for the same expertise, and plenty of accused the platform of doing the identical.
Muneeb Ali, founding father of Stacks and CEO of Belief Machines, took to social media to air his grievances after Financial institution of America (BoA) closed his account. This led him to invest that the motion was associated to his use of an account for Bitcoin transactions on Coinbase.
Brian Armstrong, Founder and CEO of Coinbase, reacted to Ali’s tweet and requested the general public if anybody had ever skilled the identical downside. This sparked a flurry of responses, with many expressing their displeasure and mistrust of BoA.
One person mentioned, “I might by no means use BoA.” One other turned to the financial institution and warned: “We informed you we might come for everybody. And they’ll.” In the meantime, one person steered the rationale why BoA is closing accounts for utilizing cryptocurrencies is as a result of “Financial institution of America is afraid of it (cryptocurrencies).
Some feedback attacked Armstrong and accused Coinbase of doing the identical. One person mentioned: “You guys banned my Coinbase account in 2017. and you haven’t given any motive for it. I am undecided what you are speaking about. One other added: “Coinbase is doing the very same factor.”
The battle between conventional banks and the cryptocurrency world has been happening for a while. Jamie Dimon, CEO of JP Morgan, the main financial institution in line with Forbes, known as bitcoin a fraud. He additionally mentioned, “I am a giant skeptic of cryptocurrency tokens that you simply name forex, like Bitcoin… They’re decentralized Ponzi schemes.
Nonetheless, JP Morgan later launched its personal digital coin, turning into the primary US financial institution to create a cryptocurrency. The coin runs on a permissioned blockchain, which is restricted decentralization and provides a layer of governance.
Brian Moynihan, CEO of BoA, expressed his opinion on the cryptocurrency. In an interview, when requested about cryptocurrency, he mentioned: “It must be regulated the identical means, and the thought of ’I am going to do it with the expertise, do it (in another way)’ by no means made sense.” He additionally added: “If corporations are to function and take prospects’ cash and do enterprise with them, they need to be topic to deep regulation.”
