Chase Bank Implements Ban on Cryptocurrency Payments in the United Kingdom

8:14 pm
September 26, 2023
  • Starting October 16th, Chase Bank will block cryptocurrency payments in the United Kingdom.
  • The ban is in response to an increase in crypto scams.
  • Chase Bank has over 1.0 million active users in the U.K.

JPMorgan subsidiary Chase Bank has made the decision to ban transactions related to cryptocurrencies in the United Kingdom.

Reason for the Ban

According to an email sent to customers, the bank will block outgoing bank transfers and debit card payments suspected to be linked to cryptocurrencies. The ban will go into effect on October 16th. Chase cited the rise in crypto scams in the U.K. as the reason for implementing the ban. A spokesperson for the bank stated:

“We’ve seen an increase in the number of crypto scams targeting U.K. consumers. So, we’ve taken the decision to prevent the purchase of crypto assets.”

Chase Bank currently has a user base of over 1.0 million in the United Kingdom.

Losses from Crypto Scams

The bank referred to data from Action Fraud, a British fraud reporting agency, which indicates that consumers in the U.K. have lost over £300 million to crypto scams. In the same email, the spokesperson emphasized Chase’s commitment to protecting customers’ money:

“If we think you’re making a payment related to crypto assets, we’ll decline it… We’re committed to helping keep our customers’ money safe and secure.”

NatWest and HSBC, two other major banks in the U.K., have also implemented restrictions on sending money to crypto companies earlier this year.

Interestingly, the announcement of the ban coincided with JPMorgan Chase & Co agreeing to a $75 million settlement in a Jeffrey Epstein-related lawsuit with the U.S. Virgin Islands.

FAQ

1. Will Chase Bank ban all cryptocurrency transactions worldwide?

Currently, Chase Bank has only announced a ban on cryptocurrency transactions in the United Kingdom. There is no information available about a worldwide ban at this time.

2. How many active users does Chase Bank have in the U.K.?

Chase Bank has over 1.0 million active users in the United Kingdom.

3. What is the reason behind Chase Bank’s ban on crypto payments?

Chase Bank has cited the increase in crypto scams as the reason for implementing the ban. The bank aims to protect its customers from financial losses due to fraudulent activities related to cryptocurrencies.

4. What other banks in the U.K. have implemented restrictions on crypto transactions?

NatWest and HSBC, two other major banks in the U.K., have also imposed limitations on the amount of money customers can send to crypto companies.

5. How much have U.K. consumers lost to crypto frauds?

According to data from Action Fraud, consumers in the U.K. have lost over £300 million to crypto scams.

Summary

Chase Bank, a subsidiary of JPMorgan, has decided to implement a ban on cryptocurrency transactions in the United Kingdom. Starting from October 16th, the bank will block outgoing bank transfers and debit card payments suspected to be linked to cryptocurrencies. The ban is a response to the increase in crypto scams in the U.K., which have resulted in significant financial losses for consumers. By implementing the ban, Chase Bank aims to protect its customers’ money and prevent further fraudulent activities. NatWest and HSBC have also implemented restrictions on sending money to crypto companies earlier this year.


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