Read

Chase U.K. will block all crypto payments over fraud and scam allegations. 
Chase U.K., a U.K. entity of the global bank, warned its customers that starting Oct. 16, it will block all crypto-related payments in an email to the customers. The email specified that customers are still free to interact with their cryptocurrency service providers through a different bank of their choosing. 
<blockquote class="wp-block-quote"> 
 “If we think you’re making a payment related to crypto assets, we’ll decline it,” <cite>the email reads.</cite>
</blockquote> 
The email further explained that Chase came to the decision to ban crypto payments since “fraudsters are increasingly using crypto assets to steal large sums of money from people,” according to <a href="https://www.coindesk.com/policy/2023/09/26/chase-uk-to-block-crypto-payments-citing-fraud-scams/?utm_medium=social&amp;utm_source=onecryptofeed&amp;utm_campaign=headlines" target="_blank" rel="noopener">CoinDesk</a>. This statement follows a report <a href="https://www.chase.co.uk/gb/en/hub/cryptoscams/" target="_blank" rel="noopener">released</a> by the bank in late June claiming that “cryptocurrency scams are on the rise.” 
 You might also like: <a href="https://crypto.news/uk-parliament-to-pass-crypto-bill-against-financial-crimes/"> UK parliament to pass crypto bill against financial crimes </a> 
This development follows the UK’s significant progress in the crypto sector, particularly after its departure from the European Union. The UK government has displayed a <a href="https://cryptouk.io/wp-content/uploads/2023/06/Crypto-and-Digital-Assets-APPG-Inquiry-Full-Report.pdf" target="_blank" rel="noopener">positive attitude</a> towards cryptocurrencies, with officials and authorities expressing optimism about their role in the country’s economic growth. This approach stands in contrast to the EU, which has imposed strict regulations on crypto transfers. 
In response to the expanding crypto market and adoption, the UK intends to study regulating a broader range of cryptoasset activities. The Brexit deal, while causing concerns for many British people due to the costly and difficult trading with the rest of Europe, has opened up opportunities for the UK to establish itself in the crypto domain. 
 Read more: <a href="https://crypto.news/bybit-to-pause-operations-in-the-uk-following-new-crypto-rules/"> ByBit to pause operations in the UK following new crypto rules </a>

Chase UK blocks crypto payments for customers, citing fraud and scam rise

crypto.news

Other articles published on Sep 26, 2023

Chase Bans Crypto-Linked Payments for U.K. Clients Starting October 16

Bitcoin Price Prediction: MicroStrategy's Accumulation Reinforces Optimism as It Emerges as a Bea...

Pictionary vs. AI: The Classic Game Gets a Futuristic Twist

Bitcoin Price to Skyrocket After 2024 Halving; Analyst Predicts Target Levels

Here’s how much MicroStrategy is down on its Bitcoin investment

Western corporates edge away from China’s shadows

Join our free newsletter for daily crypto updates!