Bank of America Allegedly Cracking Down on Coinbase Users

• Bank of America (BOA) is allegedly closing the personal bank accounts of people trading on the Coinbase crypto exchange.
• Muneeb Ali, a co-founder of layer 2 blockchain firm Stacks (STX), claimed that his 15 year account with BOA was closed because he used it for Bitcoin transactions with Coinbase.
• In response, Coinbase CEO Brian Armstrong launched a poll to find out if the Bank was really cracking down on their customers trading in Bitcoin (BTC).

Bank of America Allegedly Cracking Down on Coinbase Users

The Bank of America is allegedly closing the personal accounts of Coinbase users. This development comes weeks after the SEC filed a lawsuit against major crypto players Binance (BNB) and Coinbase (NASDAQ: COIN).

Muneeb Ali’s Account Closed

Muneeb Ali, a co-founder of layer 2 blockchain firm Stacks (STX), claimed that his 15 year account with BOA was closed because he used it for Bitcoin transactions with Coinbase. However, BOA said they had to suspend his credit card account as his “ risk profile no longer meets their standards ”.

Coinbase CEO Launches Poll

In response, Coinbase CEO Brian Armstrong launched a poll to find out if the Bank was really cracking down on their customers trading in Bitcoin (BTC). If one is to believe the poll results, other people have also had a similar experience. At the time of writing, 9.1% of the around 12,000 participants said the Bank of America has closed their accounts as well. In contrast, 19.1% of the participants said that they did not have a similar experience.

Previous Instances

This is not the first time that Bank of America is reportedly taking action against cryptocurrency traders using its services. In December last year, reports emerged that many customers were unable to receive payments from cryptocurrency exchanges and wallets due to security measures taken by BOA .

Conclusion

The alleged crackdown by BOA could be another setback for cryptocurrency sector which is still trying to gain mainstream acceptance . It remains unclear if this will have any long term effect or if it’s just an isolated incident , but it certainly has sent shockwaves throughout crypto community .