Chase Bank, a relatively new competitor in the UK banking sector, will block crypto-linked payments for UK customers starting from October 16th. The decision comes as a result of increasing concerns over fraud and scams involving digital assets. According to an email sent to customers, this move aims to protect users and keep their funds safe.
The Ban on Crypto-Linked Payments
The bank claimed it was banning crypto payments as “fraudsters are increasingly using crypto wallets to steal large sums of money from people”. Other UK banks that have imposed the same restrictions gave the same reasons. “We’re committed to helping keep our customers’ money safe and secure. 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,” read a mail from a spokesperson for Chase UK.
Read More: Australia Rejects Crypto Regulation Bill: Implications and Consequences
Chase Bank, owned by JPMorgan, has been quite successful in the UK market since the launch of its mobile app-based service two years ago, attracting over 1.6 million customers. Chase’s recent decision to block crypto payments follows similar actions taken by other UK lenders like Santander and Barclays, who have both imposed restrictions on certain crypto-related transactions.
NatWest wrote to the UK Treasury Select Committee in February to report blocking crypto transactions due to volatility and fraud. UK banks are often not open to cryptocurrency due to past restrictions.
Let’s help you find the best crypto exchange for your needs!
Disclaimer: Please note that this article serves solely for informational purposes and should not be construed as financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
