Beginning on October 16, Chase, JPMorgan's British retail bank, will forbid customers from carrying out cryptocurrency transactions. An increase in frauds, according to a bank representative, ultimately led to the decision to prohibit transfers from a Chase account to crypto sites. They will also prohibit the use of Chase debit cards to buy crypto assets.
Chase's recent limits reflect a wider pattern in the UK banking industry, where institutions are increasingly looking for ways to shield customers from cryptocurrency-related crime. Chase addressed the policy change in an email sent out on Tuesday. Since its introduction two years ago, Chase has attracted over 1.6 million users.
In the past, NatWest and other banks also placed restrictions on cryptocurrency transactions, and Santander stopped making real-time payments to cryptocurrency exchanges. These measures are part of a larger plan to protect clients against potential crypto scams.
