- At the end of the survey of similar cases, 8.9% voted yes, while 19.3% said no.
- Bank of America was penalized this week by the CFPB and the OCC.
On Wednesday, Muneeb Ali, co-founder of Stacks, a Bitcoin layer for smart contracts, disclosed on Twitter that Bank of America (BOFA) had abruptly cancelled his bank account of 15 years without providing an explanation. He thinks the account was closed because he used it to buy crypto using Coinbase.
Coinbase CEO Brian Armstrong replied to the tweet by inquiring whether any other users had experienced problems while using Bank of America. The CEO of Coinbase expressed his displeasure with this possibility on Twitter. He then went to Twitter to see if anybody else had had their Bank of America accounts frozen for using his cryptocurrency exchange.
.@BankofAmerica do you have an explanation for this? We will be reaching out https://t.co/8y1UfNqnY0
— Brian Armstrong 🛡️ (@brian_armstrong) July 15, 2023
Mixed Response by Users
At the end of the survey, 16,701 people had cast their vote; 8.9% voted yes, while 19.3% said no. In response to Armstrong’s survey, several respondents offered their own stories, with some claiming they had never had any problems. However, several reported that their bank had frozen or cancelled their accounts because of their crypto purchases.
Bank of America was penalized this week by the CFPB and the Office of the Comptroller of the Currency (OCC) for “illegally charging junk fees, withholding credit card rewards, and opening fake accounts.” More than $100 million will go to compensate victimized customers, while another $150 million will go to fines paid to the two regulatory bodies.
Coinbase, on the other hand, has announced that its staking service would be discontinued in four American states. In order to meet the standards set by the regulatory authorities in those jurisdictions, Coinbase, one of the biggest and most popular cryptocurrency exchanges in the U.S, took this route of action.
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