Chase UK, JP Morgan’s British digital bank, says it will bar customers from making cryptocurrency transactions starting next month citing an uptick in scams and fraud.
From October 16 onward, Chase customers will no longer be able to make crypto transactions using their debit card or through an outgoing bank transfer, the bank said Tuesday.
If we think you’re making a payment related to crypto assets, we’ll decline it, Chase said in an email to customers. If you’d still like to invest in crypto assets, you can try using a different bank or provider instead but please be cautious, as you may not be able to get the money back if the payment ends up being related to fraud or a scam.
In an email to The Associated Press, Chase said that Tuesday’s decision was made to help keep customers and their money safe. The bank also pointed to increases in crypto fraud-related losses reported by UK regulators in the last year.
According to London-based law firm RPC, data from Britain’s fraud …
| Subscribe To Our Free Newsletter |
