Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Chase Bank to impose restrictions on cryptocurrency transactions in the U.K.

EditorPollock Mondal
Published 09/26/2023, 10:08 AM
© Reuters.

In a bid to mitigate the risk of fraud and scams associated with cryptocurrency, Chase Bank, owned by JPMorgan, has announced it will restrict all digital currency-related transactions for its customers in the United Kingdom, effective from October 16. The announcement was made on Tuesday.

The bank's customers will not be able to make crypto transactions using their debit cards or via outgoing bank transfers starting mid-October. "Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction," a spokesperson for the firm confirmed on Tuesday.

"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," the spokesperson added. The decision follows an observed rise in fraudulent activities linked to digital assets.

Chase Bank is not alone in its concerns over potential misuse of cryptocurrencies. Earlier this year, NatWest imposed new limits on the daily and monthly amounts customers can send to crypto exchanges as a protective measure against "crypto-criminals." In 2022, Spain's Santander (BME:SAN) also blocked U.K. customers from sending real-time payments to crypto exchanges as part of similar protective measures.

JPMorgan launched its mobile app-based service Chase retail bank in Britain two years ago and has since attracted more than 1.6 million customers. The bank plans to expand this consumer banking service into other international markets over time.

Chase Bank notified its customers about the upcoming policy change via email on Tuesday morning. Further information about this developing story will be provided as it becomes available.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.