JP Morgan Chase UK to ban cryptocurrency purchases over fraud fears
Beginning on October 16, 2023, JPMorgan’s UK-based digital bank, Chase, will prohibit users from purchasing cryptocurrencies. The bank justified the prohibition by citing worries regarding the widespread use of cryptocurrency fraud and scams in the UK.
JPMorgan is not the first UK bank to restrict customers’ access to crypto. HSBC and NatWest have also imposed limits on crypto transactions in recent months. However, Chase’s ban is more comprehensive, as it prevents customers from buying cryptocurrencies altogether.
“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,” the bank stated.
The bank highlighted a research by Britain’s Action Fraud, a reporting body for fraud, that revealed consumer losses attributable to fraud grew by 40% and exceeded 300 million British pounds sterling.
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“Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction,” according to the bank email to clients.
“This has been done to protect our customers and keep their money safe.”
Santander has restrictions on transactions involving cryptocurrencies as well, although it does not permit payments from a customer’s account to Binance.
In March of this year, the Royal Bank of Scotland took action to restrict transfers to cryptocurrency exchanges.
However, the cryptocurrency community has reacted to the decision in a variety of ways. Chase has come under fire for being too traditional and for impeding innovation. Others have applauded the decision, saying it will help shield customers from fraud.
It is crucial to remember that the restriction only affects Chase customers in the UK. Other nations’ JPMorgan customers will continue to be able to buy and sell bitcoins.
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