JPMorgan’s British arm, Chase UK, has announced a ban on cryptocurrency transactions for its clients beginning October 16. The bank has prohibited crypto purchases via debit cards and outgoing financial institution transfers, and any tries to transact may be declined.
The selection comes in mild of growing concerns concerning the protection and safety of customers’ price range. Chase UK’s declaration highlighted the rampant upward push in fraudulent sports associated with cryptocurrencies. Data from Action Fraud shows that losses related to crypto fraud in the U.K. Surged by over 40% in the beyond 12 months, exceeding the £three hundred million mark.
Furthermore, in keeping with records from the Office for National Statistics, crypto scams made up a dazzling 40% of all reported crimes in England and Wales closing 12 months.
Chase UK is not on my own in its cautious method towards crypto-related transactions. Other primary banks, which include NatWest, HSBC, and Nationwide, have already applied comparable regulations. NatWest, as an instance, capped transfers to crypto exchanges at £1,000 every day and £five,000 inside a 30-day window to counteract the proliferation of crypto fraud.
In correspondence with CNBC, a Chase spokesperson emphasized the bank’s dedication to ensuring the security of its customers’ budget. The spokesperson said, “Given the uptick in crypto scams focused on U.K. Customers, we have opted to halt the acquisition of crypto property the use of Chase debit playing cards or via transferring money from a Chase account to a crypto platform.
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