hase announced this week it would be banning account activity involving cryptocurrency from October 16, citing a rise in scams and fraud.

It is the latest in a recent slew of financial institutions to turn its back on digital assets.

"We've seen an increase in the number of crypto scams targeting UK consumers, so we have taken the decision to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account," the bank stated.

However, the bank's actions have riled many big names in the crypto industry – particularly Coinbase co-founder Brian Armstrong, who demonstrated his disbelief at the move.

"Totally inappropriate behaviour from Chase (this is their UK bank only, is my understanding)," he responded before tagging in the Prime Minister and one of the leading crypto-friendly MPs.