• The Bank of America is allegedly closing the personal accounts of Coinbase users.
• Coinbase CEO Brian Armstrong has launched a poll to verify these allegations.
• 9.1% of 12,000 participants have reported that their bank accounts were closed by BOA.
Bank of America Allegedly Cracking Down on Coinbase Users
According to recent allegations, the Bank of America is closing personal accounts of those trading in cryptocurrency on the exchange Coinbase. This development comes weeks after the SEC filed a lawsuit against Coinbase and Binance (BNB).
Muneeb Ali Reports Account Closure
Muneeb Ali, co-founder of layer 2 blockchain firm Stacks (STX), reported via Twitter that his account had been closed by BOA after 15 years. He said he used this account for Bitcoin transactions with Coinbase and believes it was the reason for closure, although BOA did not provide any details about their decision other than that his “risk profile no longer meets their standards” and suspended his credit card account.
Coinbase CEO Investigates Allegations
Alarmed at these reports, Coinbase CEO Brian Armstrong took to Twitter to find out whether similar experiences were being reported among customers trading Bitcoin (BTC) on Coinbase with BOA accounts. His poll revealed that 9.1% out of 12,000 participants reported that their bank accounts had been closed by BOA while 19.1% said they did not have such an experience.
SEC Lawsuit Sparks Fresh Setback for Crypto Sector
The move from Bank of America comes as a fresh setback for the crypto sector following SEC’s lawsuit against major players Binance and Coinbase earlier this year. It remains to be seen whether these actions from banks will continue or if they are just precautionary measures taken in response to SEC’s actions against crypto exchanges or due to any other unknown reasons yet to be uncovered through further investigations into this matter.
\nThis incident shows how banks are cautious when dealing with cryptocurrencies as there is still a lot of uncertainty surrounding them from legal and regulatory perspectives. While polls can give some insight into what could be going on, more definitive evidence is needed before drawing any conclusions about Bank of America’s decisions in this case or its policy towards cryptocurrency trading overall.