Chase Bank announces an outright ban on crypto payments in the U.K.

2 months ago 27
chase slope  to prohibition  crypto payments successful  uk
  • Chase Bank volition commencement to artifact crypto payments successful U.K. from October 16th.
  • The retail slope says the prohibition is related to an summation successful crypto frauds.
  • Chase Bank has an progressive idiosyncratic basal of good implicit 1.0 cardinal successful the U.K.

Chase Bank – a subsidiary of JPMorgan has decided to prohibition crypto-related transactions successful the United Kingdom.

Why is Chase Bank banning crypto transactions?

Payments via outgoing slope transfers oregon the debit paper suspected to beryllium linked to cryptocurrencies successful immoderate mode volition beryllium blocked from October 16th, the slope told its customers successful an email today.

Chase said it was moving to enforce an outright prohibition due to the fact that crypto scams are connected the emergence successful the U.K.

We’ve seen an summation successful the fig of crypto scams targeting U.K. consumers. So, we’ve taken the determination to forestall the acquisition of crypto assets.

The retail slope has an progressive idiosyncratic basal of good implicit 1.0 cardinal successful the United Kingdom.

U.K. consumers person mislaid millions to crypto scams

Chase cited information from Action Fraud – a British fraud reporting bureau that suggests consumers successful the U.K. person mislaid much than £300 cardinal to crypto frauds. Its spokesperson besides wrote successful the said email:

If we deliberation you’re making a outgo related to crypto assets, we’ll diminution it … We’re committed to helping support our customers’ wealth harmless and secure.

Earlier this year, NatWest besides restricted the sum of wealth a user tin nonstop to crypto companies per time and per month. HSBC announced akin limitations successful March arsenic well.

The announcement arrives connected the aforesaid time erstwhile JPMorgan Chase & Co agreed to a $75 cardinal settlement with U.S. Virgin Islands connected a Jeffrey Epstein-related lawsuit.

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