• Bank of America (BOA) is allegedly closing the personal accounts of people trading on Coinbase crypto exchange.
• Muneeb Ali, the co-founder of layer 2 blockchain firm Stacks (STX), claimed that BOA closed his account after 15 years due to Bitcoin transactions with Coinbase.
• Coinbase CEO Brian Armstrong launched a poll to investigate and asked if anyone else has had a similar experience.
Bank of America Allegedly Cracking Down on Coinbase Users
Reports suggest that Bank of America (BOA) is closing the personal bank accounts of individuals trading on the Coinbase cryptocurrency exchange. Muneeb Ali, co-founder of layer 2 blockchain firm Stacks (STX), recently tweeted that BOA had closed his account after 15 years for conducting Bitcoin transactions with Coinbase.
SEC Files Lawsuit Against Binance and Coinbase
The development follows shortly after the US Securities and Exchange Commission (SEC) filed lawsuits against major crypto players Binance and Coinbase. The SEC accused both companies of engaging in unregistered securities offerings.
Muneeb Ali’s Claims
Muneeb Ali stated that BOA did not explain why they closed his checking and savings accounts but mentioned they had suspended his credit card as his “risk profile no longer meets their standards”.
Coinbase CEO Investigates Claims
Alarmed by this news, Coinbase CEO Brian Armstrong decided to ask Twitter users whether anyone else has experienced something similar with the banking giant. Out of around 12,000 participants, almost 20% said they did not have a similar experience while 9% reported having their accounts closed by BOA as well.
This is not the first time reports have surfaced about Bank of America cracking down on customers trading in cryptocurrencies like Bitcoin using their services. However, it still remains unclear if these polls accurately reflect what’s happening or if other factors are at play here as well