LONDON: JPMorgan’s British retail bank Chase has decided to stop crypto transactions made by customers from October 16 because of increase in fraud and scams, Western media reported on Tuesday.
A spokesperson for the bank said that it has noticed an increase in the number of crypto scams hitting UK consumers, so the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account will not be entertained.
Chase limits customers’ access to crypto
Chase has become the latest bank in the UK to limit customers’ access to crypto amidst concerns over its use in online scams by criminals.
JPMorgan has drawn the attention of more than 1.6 million customers to its Chase retail bank since launching the mobile app-based service in Britain UK two years ago and decides to start the consumer bank in other international markets over time.
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Chase told customers of its change in policy through an email on Tuesday. Earlier Crypto media outlet Coindesk has also reported the bank’s decision.
In March, NatWest imposed new restrictions on the daily and monthly amount transfers on crypto in a bid to save consumers from crypto-criminals.
Spain’s Santander last year announced it would block UK customers from sending real-time payments to crypto exchanges to protect customers from scams.
