Chase UK to Block Crypto Payments Amid Scam Concerns and Regulatory Changes

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JPMorgan Chase & Co.’s U.K. division, Chase UK, is putting the brakes on cryptocurrency-related payments. Come October 16, any Chase UK customers attempting to make a bank transfer or card payment linked to crypto will find themselves thwarted.

Chase UK to Halt Crypto Payments in Mid-October

Chase UK customers are about to hit a roadblock for payments tied to cryptocurrency dealings. The bank’s rationale? A spike in scams and fraud. An email from the institution cautions, “If we think you’re making a payment related to crypto assets, we’ll decline it.”

A representative from Chase verified the email’s legitimacy to Bloomberg and shed light on their stance. Coindesk’s Sandali Handagama also reported on the Chase UK email on Tuesday prior to Bloomberg’s confirmation.

“We’ve seen an increase in the number of crypto scams targeting U.K. consumers, so we have taken the decision to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account,” the Chase spokesperson revealed.

Chase made its move after a series of regulatory overhauls in the United Kingdom within the past six months. For instance, the U.K. Financial Conduct Authority (FCA) introduced new guidelines for the crypto industry. Concurrently, the financial powerhouse Paypal has briefly suspended U.K.-based crypto transactions, pointing to these regulatory adjustments.

What do you think about the decision Chase UK made about crypto payments being blocked? Share your thoughts and opinions about this subject in the comments section below.