United

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<div class="coinjournal"> 
 <ul> 
  <li>Chase Bank will start to block crypto payments in U.K. from October 16th.</li> 
  <li>The retail bank says the ban is related to an increase in crypto frauds.</li> 
  <li>Chase Bank has an active user base of well over 1.0 million in the U.K.</li> 
 </ul> 
 <p>Chase Bank – a subsidiary of <a rel="dofollow" title="JPMorgan" href="https://thebittimes.com/tag/jpmorgan.html">JPMorgan</a> has decided to ban <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-related transactions in the United Kingdom.</p> 
 <h2 id="why-is-chase-bank-banning-crypto-transactions">Why is Chase Bank banning crypto transactions?</h2> 
 <p>Payments via outgoing bank transfers or the debit card suspected to be linked to <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies in any way will be blocked from October 16<sup>th</sup>, the bank told its customers in an email today.</p> 
 <p>Chase said it was moving to impose an <a rel="dofollow" title="outright" href="https://thebittimes.com/tag/outright.html">outright</a> ban because <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> scams are on the rise in the U.K.</p> 
 <blockquote>
  <p>We’ve seen an increase in the number of crypto scams targeting U.K. consumers. So, we’ve taken the decision to prevent the purchase of crypto assets.</p>
 </blockquote> 
 <p>The retail bank has an active user base of well over 1.0 million in the United Kingdom.</p> 
 <h2 id="u-k-consumers-have-lost-millions-to-crypto-scams">U.K. consumers have lost millions to crypto scams</h2> 
 <p>Chase cited data from Action Fraud – a British fraud reporting agency that suggests consumers in the U.K. have lost more than £300 million to crypto frauds. Its spokesperson also wrote in the said email:</p> 
 <blockquote>
  <p>If we think you’re making a payment related to crypto assets, we’ll decline it … We’re committed to helping keep our customers’ money safe and secure.</p>
 </blockquote> 
 <p>Earlier this year, NatWest also restricted the sum of money a consumer can send to crypto companies per day and per month. HSBC announced similar limitations in March as well.</p> 
 <p>The announcement arrives on the same day when JPMorgan Chase &amp; Co agreed to a $75 million settlement with U.S. Virgin Islands on a Jeffrey Epstein-related lawsuit.</p> 
</div>
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/chase-bank-announces-an-outright-ban-on-crypto-payments-in-the-u-k-tbt64109.html">https://thebittimes.com/chase-bank-announces-an-outright-ban-on-crypto-payments-in-the-u-k-tbt64109.html</a></p>

Chase Bank announces an outright ban on crypto payments in the U.K.

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