Starting October 16, banking behemoth Chase is prohibiting UK customers from making crypto-linked payments either through debit card or outgoing bank transfer, as per an email sent to clients and later cited by Coindesk. The email stated any payments suspected to be related to crypto assets would be declined, although customers were still free to use other banks or providers for investing in cryptocurrencies.

This move by Chase is part of the growing reluctance and restrictive stance UK banks are taking toward cryptocurrencies, fueled by concerns over fraudulent activities and scams. UK’s financial watchdog the Financial Conduct Authority (FCA) has already been mediating discussions between banks and crypto firms owing to the banks’ hesitation in providing services to the crypto industry, reflecting the increasingly restrictive approach toward crypto transactions in the UK’s financial sector.

Chase justified its stance by citing increased utilization of crypto assets by fraudsters for stealing substantial sums, emphasizing its commitment to safeguarding customers’ funds. The bank conveyed its decision as a preventive measure, responding to the surge in crypto scams targeting UK consumers.

Information for this story was found via Coindesk and the sources mentioned within the article. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.