Banking giant Chase is banning crypto-linked payments via debit card or by outgoing bank transfer for U.K. clients starting Oct. 16, according to an email to customers, Coindesk reports.
„If we think you’re making a payment related to crypto assets, we’ll decline it,” the email said, adding that customers are free to use a different bank or provider to invest in crypto.
However, finding a crypto-friendly bank in the country may not be the easiest thing, as U.K. credit institutions have a history of blocking or limiting customer access to crypto. The local financial watchdog – the Financial Conduct Authority (FCA) – recently said it had facilitated discussions between banks and crypto firms because lenders have shown a reluctance to offer services to that industry.
„Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction,” a spokesperson for the firm confirmed. „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 debit card or by transferring money to a crypto site from a Chase account.”
Chase has become the latest lender in the UK to restrict customers’ access to crypto amid long-running concerns over its use in online scams run by criminals.
JPMorgan has attracted more than 1.6 million customers to its Chase retail bank since launching the mobile app-based service in Britain two years ago, and plans to roll out the consumer bank in other international markets over time.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: