Categories: News

UK’s Chase Bank Crypto Ban Will Be Implemented From October 16: Report

Key Points:

  • Chase Bank Crypto Ban UK is set to be implemented on October 16.
  • The decision is aimed at combating fraud associated with crypto assets.
  • UK banks, in general, have been cautious about providing services to the crypto industry.
Chase Bank Crypto Ban of UK will be implemented from Oct 16, citing fraud concerns. Customers advised to seek alternative options, as per CoinDesk.

Chase Bank, the country’s second-largest bank, is planning to prohibit cryptocurrency-related payments for its UK customers starting October 16.

This decision is part of Chase’s efforts to combat fraudulent activities in the crypto space, where scammers have increasingly utilized crypto assets to steal large amounts of money from individuals.

Chase’s Response to Crypto Fraud

As reported by CoinDesk, Chase Bank has informed its customers about this decision via email, stating that any payment associated with crypto assets will be declined. The email also advised customers that they can explore alternative banks or providers if they wish to invest in cryptocurrencies.

While the event of Chase Bank crypto banning aims to enhance security and safeguard customers from potential crypto-related fraud, it also highlights a broader issue in the UK. Many UK credit institutions have a track record of blocking or restricting customer access to cryptocurrencies.

The Financial Conduct Authority (FCA), the local financial watchdog, has recently facilitated discussions between banks and crypto firms due to banks’ hesitancy in offering services to the crypto industry.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

4 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

4 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

7 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

9 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

12 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

13 hours ago

This website uses cookies.