United

Bank AI

<p>In a significant development, banking behemoth Chase has officially announced a stringent ban on cryptocurrency-related payments for its clientele in the United Kingdom, effective October 16. This revelation came to light through an official communication to the bank’s customers, a copy of which has been meticulously reviewed by CoinDesk.</p> 
<p>The <a href="https://www.coindesk.com/policy/2023/09/26/chase-uk-to-block-crypto-payments-citing-fraud-scams/" target="_blank" rel="noopener noreferrer nofollow">email</a> explicitly states, “If we think you’re making a payment related to crypto assets, we’ll decline it,” thereby leaving no room for ambiguity regarding the bank’s stance on cryptocurrency transactions. However, it is pertinent to note that the bank has clarified that customers retain the autonomy to opt for alternative banks or providers for their cryptocurrency investments.</p> 
<p>The rationale behind this abrupt prohibition is attributed to the escalating instances of fraudulent activities associated with crypto assets. According to Chase, malefactors are exploiting cryptocurrencies to exfiltrate substantial amounts of money from unsuspecting individuals. This concern has been echoed by several other banking institutions in the U.K., leading to the imposition of analogous restrictions.</p> 
<p>While the bank’s decision underscores a growing apprehension regarding the security aspects of crypto transactions, it also highlights the inherent tension between traditional financial institutions and the burgeoning world of digital assets. The move is indicative of a broader trend of skepticism and caution exercised by established banks in the face of the revolutionary and disruptive potential of cryptocurrencies.</p> 
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style=""> 
 <div class="col_wrap_two mb0"> 
  <div class="offerbox_big_wrap flowhidden"> 
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"> <a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a> 
   </div> 
   <div class="product-summary col_item mobileblockdisplay"> 
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"> <a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a> </h3> 
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"> <strong>74% of retail CFD accounts lose money.</strong> 
    </div> 
    <div class="buttons_col mb25 rh_big_btn_inline"> 
     <div class="priced_block clearfix"> 
      <div> <a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a> 
      </div> 
     </div> 
    </div> 
    <div class="bigofferdesc"> <i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc. 
    </div> 
   </div> 
  </div> 
 </div> 
</div> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/chase-bank-imposes-ban-on-crypto-linked-payments-for-uk-clients/">Chase Bank Imposes Ban on Crypto-Linked Payments for UK Clients</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Chase Bank Imposes Ban on Crypto-Linked Payments for UK Clients

Table of Contents

CaptainAltcoin

Other articles published on Sep 26, 2023

Binance resumes crypto operations in Belgium

Hackers Steal $200 Million in Brazen Crypto Heist

Three Reasons Why Bitcoin (BTC) Could Be About to Fall Back to $20,000

Bernstein Predicts Crypto Funds May Handle Up to $650 Billion in 5 Years

Belgian Crypto Users Rejoice as Binance Resumes Exchange Services

RIG Stock: Will Transocean Stock Reach $10 by the End of 2023?

Join our free newsletter for daily crypto updates!