Chase U.K. takes a stance against crypto payments amidst fraud and scam concerns.
In an email to its customers, Chase U.K. has announced it will block all cryptocurrency payments starting Oct. 16, citing fraud concerns. The bank has taken this decision after a recent surge in crypto scams and hacks, which have resulted in high investor losses.
Chase U.K. is not the first bank to block cryptocurrency payments. In 2018, multiple banks in the U.S. and Europe, including Bank of America and Lloyds Banking Group, prohibited their customers from using credit cards to buy crypto. The move was aimed at protecting customers from the high risks associated with cryptocurrencies, including fraud, scams and market manipulation.
The move by Chase U.K. comes at a time when the cryptocurrency industry is facing increased scrutiny from regulators and law enforcement agencies around the world. In 2023, the U.S. Securities and Exchange Commission (SEC) brought a civil enforcement action against several crypto companies for offering "unauthorized securities."