JP Morgan’s Chase will ban crypto payments starting from mid-October
Chase UK is banning customers from making payments using cryptocurrencies from mid-October citing concerns over financial crime.
The retail banking arm of JP Morgan warned customers in an email that “fraudsters are increasingly using crypto assets to steal large sums of money from people”.
It told customers that they would still be able to make payments through other banks, but warned “you may not be able to get your money back”.
A Chase spokesperson commented: “We’re committed to helping keep our customers’ money safe and secure.
“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,” they said.
The news was first reported by Coindesk.
Other banks in the UK have also recently put restrictions on cryptocurrencies. Earlier this year, Nationwide said it would not allow payments to crypto exchanges using its credit cards and would impose a £5,000 daily limit on current account crypto spending.
In February, HSBC also introduced restrictions on the purchase of cryptocurrencies, with customers prevented from purchasing them using an HSBC credit card.
Regulators have also been moving against crypto with the Financial Conduct Authority outlining a strict new regime for crypto advertisements.