JPMorgan’s British retail bank, Chase Bank, has recently revealed plans to ban cryptocurrency-related payments for its British customers starting from October 16, according to a report by Reuters. The decision comes as the banking giant seeks to address the “mounting concerns” surrounding fraud and scams associated with cryptocurrencies.
Chase Bank Shuts Door On Crypto Transactions
In an email sent to its clients, Chase Bank informed them of the upcoming prohibition on cryptocurrency payments, offering alternative banking options for those involved in the crypto space.
The email also stated that customers can explore other banking or financial service providers to engage in cryptocurrency investments. The email further reads:
We’re committed to helping keep our customers’ money safe and secure. We’ve seen an increase in the number of crypto scams targeting U.K. consumers, so we have taken the decision to prevent the purchase of crypto assets on a Chase Bank debit card or
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