JPMorgan's UK Bank, Chase, to Prohibit Crypto Transactions
JPMorgan's UK retail bank, Chase, to halt crypto transactions from Oct. 16, citing a surge in scams. Move follows industry concerns over fraudulent activities.
JPMorgan's British retail bank, Chase, is set to prohibit cryptocurrency transactions for customers starting from October 16, citing a surge in fraud and scams as the driving factor behind this decision, the company announced on Tuesday.
A spokesperson for the bank stated, "We've observed a rise in crypto scams targeting UK consumers, prompting us to take action in preventing the acquisition of crypto assets through a Chase debit card or via fund transfers to a crypto platform from a Chase account."
Chase follows suit with other UK-based lenders in limiting customers' interaction with cryptocurrencies due to persistent concerns regarding its involvement in online fraudulent activities orchestrated by malicious actors.
Since its launch two years ago, JPMorgan has garnered over 1.6 million customers for its Chase retail bank through its mobile app-based service in Britain. The bank intends to introduce this consumer bank to other international markets in due course.
The bank formally communicated this upcoming policy alteration to its customers via email on Tuesday morning, a confirmation issued by the bank stated. Earlier on Tuesday, crypto news outlet Coindesk reported on this development.
In March, NatWest (NWG.L) implemented fresh restrictions on the maximum daily and monthly amounts customers could send to cryptocurrency exchanges, aiming to safeguard consumers from potential risks associated with crypto-related criminal activities.
In a similar vein, Spain's Santander declared last year that it would prevent UK-based customers from executing real-time payments to crypto exchanges, as part of its efforts to shield customers from potential scams.