Bitcoin

<ul><li>Chase Bank UK bans crypto payments due to rising fraud concerns, starting October 16.</li><li>Customers urged to seek crypto-friendly banks, but UK options remain limited.</li><li>FCA mediates talks between traditional banks and crypto firms amid industry reluctance.</li></ul>In a recent development, JP Morgan’s Chase Bank, a global banking heavyweight, has<a href="https://www.reuters.com/technology/jpmorgans-uk-bank-chase-ban-crypto-transactions-2023-09-26/" rel="noopener noreferrer nofollow"> notified</a> its U.K. customers that it will enforce a ban on transactions related to cryptocurrencies using debit cards or outgoing bank transfers. This policy will come into effect from October 16, as per an email communication sent to customers.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/fdf475e55b8b462a8f4a7c1d5468bd9e.png" />The email explicitly stated that the bank would decline a transaction if it is identified related to crypto assets. The bank also informed customers that they are at liberty to explore other banking institutions or service providers if they intend to venture into cryptocurrency investments. Nevertheless, the email acknowledged the scarcity of crypto-friendly banks in the U.K., citing the historical tendency of U.K. banks and credit institutions to impose restrictions on crypto-related transactions.The driving force behind Chase U.K.&#39;s decision lies in the rising threat of cryptocurrency-related scams that have been targeting users in the United Kingdom. Chase cited concerns about fraudsters exploiting cryptocurrencies as a means to defraud individuals, a justification echoed by other U.K. banks that have previously imposed similar restrictions.Read full article at <a href="https://cryptotale.org/chase-bank-prohibits-crypto-payments-for-u-k-customers-due-to-escalating-scam-concerns/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Chase Bank Prohibits Crypto Payments for U.K. Customers Due to Escalating Scam Concerns

CryptoTale

Other articles published on Sep 27, 2023

$GLMR Price Went Up 15.47% Over the Last 24 Hours

Horizen Launches Decentralized Governance with Introduction of Horizen DAO

BIS chief claims ‘outdated legal frameworks’ could ‘hinder’ CBDC development

Binance Explores Stablecoin Issuance on MUFG Progmat Coin Platform

SEC Delays ARK’s Bitcoin ETF; BlackRock Decision Pending

Sejong Telecom to Collaborate with KOREIT for Security Token Products

Join our free newsletter for daily crypto updates!