JPMorgan has banned any cryptocurrency transactions for UK clients

JPMorgan has banned any cryptocurrency transactions for UK clients

Author: Robert Strickland (crypto expert)


JPMorgan has banned any cryptocurrency transactions for UK clients

Chase bank, which has attracted 1.6 million users in the UK, will block the purchase of cryptoassets from October 16


British online bank Chase, owned by the holding company JPMorgan Chase, from October 16 introduced a ban on cryptocurrency transactions for customers, writes Reuters citing the bank's message. The decision was made due to the increase in fraud cases, the bank explained.

"We have seen an increase in the number of cryptocurrency scams targeting British consumers, so we have decided to ban the purchase of cryptoassets on a Chase debit card or by transferring money to a crypto site from a Chase account," the publication quoted a bank spokesperson as saying.

Chase Bank, which operates in the UK without branches, was launched in 2021. According to journalists, since then it has attracted more than 1.6 million customers.

In early March, two British banks - Nationwide Building Society and HSBC - banned customers from buying cryptocurrency from credit cards. Nationwide also introduced a daily limit on the purchase of cryptocurrency from debit cards in the amount of £5 thousand. Both banks cited warnings from the financial regulator about the high risk of crypto-assets.

Following them, NatWest, one of the UK's largest commercial banks, imposed restrictions on transferring customer funds to crypto exchanges to protect customers from "crypto criminals." It has set a daily limit of £1k and a monthly limit of £5k on fund transfers to cryptocurrency exchanges.



Other news

Kyberswap hacker who broke into Kyberswap demanded full control of the service
Poloniex exchange names terms of withdrawal after hack
Reuters claimed terrorists are refocusing on crypto transfers on the Tron network
The filmmaker spent $4M on Dogecoin to shoot and made $27M
One of the largest Bitcoin mining pools, f2pool, has started blocking transactions from sanctioned wallets.
Who is Richard Teng, the individual who took over the position of head at Binance after Changpeng Zhao?