Chase Bank to Impose Crypto Transaction Restrictions in the UK
Summary:
Chase Bank, a subsidiary of JPMorgan, will enforce restrictions on all cryptocurrency-related transactions for its UK customers starting from October 16. The move, prompted by escalating scams and fraud associated with digital assets, means customers will no longer be able to make crypto transactions using their debit cards or through outward bank transfers.
JPMorgan's digital banking subsidiary, Chase Bank, is poised to impose restrictions on all transactions linked to cryptocurrencies for its clientele in the United Kingdom. Effective from October 16, UK-based Chase Bank clients will no longer have the capability to conduct cryptocurrency transactions, either by using their debit cards or via outward bank transfers, as revealed by a company representative on September 26. The bank clarified in an official statement that any attempts by customers to execute a cryptocurrency-related transaction will result in a declined notification. A spokesperson from the bank explained this move to implement newer cryptocurrency limitations follows an upsurge in fraudulent practices and scams associated with digital assets. Further information on this ongoing story will be provided upon emergence.
Published At
9/26/2023 1:35:18 PM
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