Chase to block UK customers crypto-related transactions from October 16

Digital banking elephantine Chase U.K. said it volition “decline” crypto-related payments made by its users starting October 16.

In emails sent to customers and obtained by CryptoSlate, the slope stated that its determination would assistance its users support their “money harmless from frauds and scams” arsenic fraudsters progressively relied connected cryptocurrencies to bargain from people.

The slope added:

“If you’d inactive similar to put successful crypto assets, you tin effort utilizing a antithetic slope oregon supplier alternatively – but delight beryllium cautious, arsenic you whitethorn not beryllium capable to get the wealth backmost if the outgo ends up being related to fraud oregon a scam.”

Chase U.K. has yet to respond to CryptoSlate’s petition for remark arsenic of property time.

It should beryllium noted that Chase U.K. is simply a subsidiary of the blockchain-friendly fiscal elephantine J.P. Morgan. J.P. Morgan started offering clients access to its blockchain-powered outgo level for European transactions successful June. Additionally, determination are indications that the slope is exploring the improvement of a unsocial blockchain-based integer deposit token, chiseled from its existing JPM Coin.

Meanwhile, Chase’s determination follows a similar trend taken by respective high-profile U.K. banks, including HSBC, Nationwide, and Banco Santander, pursuing the FTX’s illness past year. The banks cited the Financial Conduct Authority’s (FCA) warnings astir crypto arsenic high-risk concern assets for their decisions.

The FCA precocious introduced stringent regulatory measures requiring crypto companies to travel circumstantial guidelines earlier promoting their products wrong the region. According to the regulator, these rules would support consumers from investing successful crypto assets that bash not lucifer their hazard appetite.

Outside of the U.K., respective accepted banks are besides limiting their customers’ entree to crypto. In Australia, the Commonwealth Bank of Australia, ANZ, and Westpac have imposed restrictions connected transactions to cryptocurrency exchanges owed to the prevalence of scams successful the sector.

The station Chase to artifact UK customers crypto-related transactions from October 16 appeared archetypal connected CryptoSlate.