Chase UK to Block Crypto Payments Amid Scam Concerns and Regulatory Changes

JPMorgan Chase & Co.’s U.K. division, Chase UK, is putting the brakes connected cryptocurrency-related payments. Come October 16, immoderate Chase UK customers attempting to marque a slope transportation oregon paper outgo linked to crypto volition find themselves thwarted.

Chase UK to Halt Crypto Payments successful Mid-October

Chase UK customers are astir to deed a roadblock for payments tied to cryptocurrency dealings. The bank’s rationale? A spike successful scams and fraud. An email from the instauration cautions, “If we deliberation you’re making a outgo related to crypto assets, we’ll diminution it.”

A typical from Chase verified the email’s legitimacy to Bloomberg and shed airy connected their stance. Coindesk’s Sandali Handagama besides reported connected the Chase UK email connected Tuesday anterior to Bloomberg’s confirmation.

“We’ve seen an summation successful the fig of crypto scams targeting U.K. consumers, truthful we person taken the determination to forestall the acquisition of crypto assets connected a Chase debit paper oregon by transferring wealth to a crypto tract from a Chase account,” the Chase spokesperson revealed.

Chase made its determination aft a bid of regulatory overhauls successful the United Kingdom wrong the past six months. For instance, the U.K. Financial Conduct Authority (FCA) introduced caller guidelines for the crypto industry. Concurrently, the fiscal powerhouse Paypal has concisely suspended U.K.-based crypto transactions, pointing to these regulatory adjustments.

What bash you deliberation astir the determination Chase UK made astir crypto payments being blocked? Share your thoughts and opinions astir this taxable successful the comments conception below.