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JPMorgan’s UK bank Chase to ban crypto transactions

JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin Ochs/File Photo Acquire Licensing Rights

JPMorgan’s UK bank Chase to ban crypto transactions. Due to a surge in fraud and scams, JPMorgan’s (JPM.N) British retail bank Chase will prohibit cryptocurrency transactions from consumers starting on October 16.

According to a bank representative, “We’ve seen an increase in the number of cryptocurrency scams targeting UK consumers, so we’ve taken the decision to prevent the purchase of crypto assets on a Chase debit card or by funding a crypto site from a Chase account.”

In response to ongoing worries about the use of cryptocurrency by criminals in online scams, Chase has become the latest lender in the UK to limit consumers’ access to it.

Since introducing the mobile app-based service in Britain two years ago, JPMorgan Chase retail bank has attracted more than 1.6 million clients. The company has ambitions to roll out the consumer bank in additional foreign countries gradually.

Tuesday morning, the bank stated Chase sent an email to clients informing them of the upcoming policy change. Tuesday morning, the cryptocurrency news site Coindesk reported the action.

To safeguard clients from “crypto-criminals,” NatWest (NWG.L) introduced new restrictions on the daily and monthly amounts customers can send to cryptocurrency exchanges in March.

As part of steps to safeguard clients against fraud, Spain’s Santander said last year that it would prevent UK customers from transmitting real-time payments to cryptocurrency exchanges.

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