UK’s second-largest bank will prohibit cryptocurrency payments for UK customers

Chase Bank, the UK's second largest bank, is preparing to ban cryptocurrency-related payments for UK customers

Chase Bank, the United Kingdom’s 2nd-largest bank, is about to impose a ban on cryptocurrency-related bills for its UK customers, effective from October 16.

The selection to enforce this ban is rooted in worries concerning the escalating use of cryptocurrencies with the aid of scammers for fraudulent sports.

Customers obtained email notifications outlining the cause in the back of this pass: “We have taken the step to prohibit cryptocurrency payments because of the growing exploitation of crypto belongings via scammers, resulting in extensive economic losses for individuals. If we locate any fee related to cryptocurrency property, it is going to be declined. You are still unfastened to make use of alternative economic institutions or carriers for cryptocurrency investments.

This move by Chase Bank follows a trend inside the banking enterprise, with Nationwide Building Society, one of the UK’s fundamental banks, additionally currently adopting a similar stance. Nationwide Building Society communicated to its customers through e-mail that it has instituted regulations on cryptocurrency buying and selling, with a daily limit for cryptocurrency purchases capped at £5,000 ($5,995).

As the cryptocurrency panorama keeps to conform, traditional financial institutions are grappling with a way to cope with the challenges and dangers associated with digital property. These recent measures reflect the growing want for regulatory oversight and client protection inside the cryptocurrency space.

About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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