Search
Search
Major UK Bank Bans Cryptocurrency Payments for Customers

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

0
0

101 Listen to this article Chase Bank, the United Kingdom’s 2nd-largest bank, is about to impose a ban on cryptocurrency-related […]

Latest News

Listen to this article

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.

Read Also:  JPMorgan's UK bank Chase to ban crypto transactions
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase Tether’s TON Blockchain Entry Reaches $60M: CEO Content SHIB News: 700M Tokens Burned, Shiba Inu Targets $0.00004 Polkadot Relay Chain Upgrade Plan and 10M DOT Prize Initiative TON Network Surpasses $140M TVL as Toncoin Price Skyrockets Bitcoin Falls Below $60,000 After Israel’s Strike on Iran Ragnarok Joins Web3 via Ronin and Gravity Collaboration Worldcoin Announces “Human Centric” Blockchain: World Chain Dubai Flood Spurs Blockchain Life 2024 Airdrop ZachXBT Reveals Frauds on Ethereum Layer-2 Networks Winklevoss Twins Invest $4.5M BTC in Bitcoin Soccer Club VeChain and UFC Unveil Tokenized Gloves Collaboration Web3 Credentials Platform Galxe Goes Live with Mainnet Launch El Salvador’s Newest Hilton Leverages Tokenized Bitcoin Debt