Ban on Crypto Transactions by Chase UK

In response to growing fraud concerns, Chase UK has joined a growing list of banks that have banned cryptocurrency-related transactions from their mobile apps.
Customers of the digital bank won’t be allowed to conduct cryptocurrency transactions with their debit cards or through outbound bank transfers as of mid-October.

Customers who seek to make a crypto-related purchase “will receive a declined transaction notification,” a company spokeswoman said on Tuesday. “We have decided to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account” because of the rise in cryptocurrency scams that target customers in the United Kingdom.

Following the implementation of such restrictions by Nationwide and HSBC in the UK, Chase took this step. Santander has set a £3000 monthly limit on payments made to Bitcoin exchanges. NatWest also put monthly and daily restrictions in place.

(Source: Finextra)

#Cryptocurrency #Institutional forex #Chase #United kingdom