Bank of America Allegedly Cracks Down on Coinbase Users

Bank of America Cracking Down on Coinbase Users

• Muneeb Ali, co-founder of layer 2 blockchain firm Stacks (STX), recently claimed that the bank closed his personal account after 15 years for trading Bitcoin on Coinbase.
• In response, Coinbase CEO Brian Armstrong started a poll to find out if other users have had similar experiences with Bank of America.
• Results from the poll suggest that 9.1% of around 12,000 participants said the Bank has closed their accounts as well.

Background

The recent allegations come weeks after the US Securities and Exchange Commission (SEC) filed a lawsuit against major crypto players Binance (BNB) and Coinbase (NASDAQ: COIN). This could be a fresh setback for the cryptocurrency sector as Bank of America is allegedly closing the personal bank accounts of people trading on the exchange.

Muneeb Ali’s Experience

Muneeb Ali, co-founder of layer 2 blockchain firm Stacks (STX), recently claimed that Bank of America closed his personal account after 15 years for trading Bitcoin on Coinbase. However, BOA did not explain why they took this step and only said that his “risk profile no longer meets their standards”.

Coinbase CEO Launches Poll

In response to these allegations, Coinbase CEO Brian Armstrong turned to Twitter to find out if other users have had similar experiences with Bank of America. He launched a poll with his followers asking them if anyone else has had a similar experience with BOA closing their account due to Bitcoin transactions on Coinbase.

Poll Results

Results from Armstrong’s poll suggest that 9.1% of around 12,000 participants said the Bank has closed their accounts as well while 19.1% reported having no such experience with BOA closing their account due to crypto transactions on Coinbase. However, it should be noted that anyone can still vote in these polls without an actual personal account with BOA so these results should be taken with caution.