- Chase Bank will begin blocking cryptocurrency payments in the UK from October 16th.
- The retail bank said the ban was linked to a rise in cryptocurrency fraud.
- Chase Bank has an active user base of over 1 million in the UK.
Chase Bank, a subsidiary of JPMorgan, has decided to ban cryptocurrency-related transactions in the UK.
Why does Chase Bank ban cryptocurrency trading?
Starting October 16, payments via bank transfers or debit cards suspected of being linked to cryptocurrencies will be blocked.Daythe bank told customers in an email today.
Chase said it was imposing an outright ban because cryptocurrency fraud was on the rise in the UK.
We have seen an increase in the number of cryptocurrency scams targeting UK consumers. So we decided to prevent the purchase of cryptocurrency assets.
The retail bank has an active user base of over 1 million in the UK.
UK Consumers Lost Millions in Cryptocurrency Fraud
Chase cited data from UK fraud reporting agency Action Fraud, which claims UK consumers have lost more than £300 million to cryptocurrency scams. The spokesperson also wrote in the email:
If we believe you are making a payment involving cryptocurrency assets, we will reject it. We are committed to keeping our customers’ money safe.
Earlier this year, NatWest capped the amount consumers could send to cryptocurrency companies per day and per month. HSBC announced similar restrictions in March.
The announcement came on the same day that JPMorgan Chase & Co agreed to a $75 million settlement with the U.S. Virgin Islands over lawsuits involving Jeffrey Epstein.