Key Points:
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.
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.
BlackRock Bitcoin ETF startled the financial markets, with $1.1 billion of trading volume said to…
Spot Ethereum ETFs may start trading any day now.
Binance.US in Washington will halt operations on August 20, 2024, due to regulatory issues.
SEC Chair Gary Gensler stated that the spot Ethereum ETF approval is progressing smoothly.
London, United Kingdom, 25th June 2024, Chainwire
Chicago, United States, 25th June 2024, Chainwire
This website uses cookies.