Coinbase CEO Calls Out Bank of America For Closing Bank Accounts

• Coinbase CEO Brian Armstrong recently called out Bank of America for closing the bank accounts of the exchange’s customers.
• Armstrong demanded an explanation from the banking giant after his customers complained about the issue. 
• The CEO told his followers that he would reach out to Bank of America regarding the ongoing issue.

Brian Armstrong, the man behind the largest crypto exchange in the United States, has called out banking giant Bank of America, for allegedly shutting down the bank accounts of some of Coinbase’s customers. The issue first came to light when crypto entrepreneur Muneeb Ali highlighted the issue on Twitter. 

Ali took to Twitter earlier this week to inform the crypto community about Bank of America’s decision to close his bank account. He stated that while the bank gave no reason for the account closure, he suspected that it was due to the Coinbase transactions he had made using the account. Ali warned that the bank’s move was a “war on Bitcoin and crypto.”

Coinbase CEO Brian Armstrong responded to Ali’s tweet and asked his followers if they were facing similar issues. Armstrong began a Twitter poll to determine the number of his crypto exchange’s customers affected by Bank of America’s crackdown. The poll showed that more than 1400 Coinbase customers had their bank accounts shut down. 

Following the pole, Brian Armstrong tagged Bank of America in a tweet and demanded an explanation for the account closures of his crypto exchange’s customers. He assured his followers that he would reach out to the bank regarding this matter. Bank of America has not released an official statement to address this issue. 

Muneed Ali followed up with an update on July 15, 2023, and told his followers that Bank of America had reinstated his account. When asked about the reason for the closure, the bank stated that the risk profile of Ali’s account did not meet their standards. However, after conducting a review of the matter, the bank reversed its decision.