JPMorgan’s British retail banking arm, Chase, has announced that it will prohibit cryptocurrency transactions for its customers starting from October 16, citing a surge in fraudulent activities and scams related to cryptocurrencies.
A spokesperson for the bank stated, “We have noticed a significant rise in cryptocurrency scams targeting UK consumers, prompting us to make the decision to restrict the purchase of cryptocurrency assets using a Chase debit card or by transferring funds from a Chase account to a cryptocurrency platform.”
Chase has joined the growing list of UK financial institutions that have taken steps to limit customer access to cryptocurrencies, primarily due to ongoing concerns about their use in online scams perpetrated by cybercriminals.
Since its launch two years ago, JPMorgan has attracted more than 1.6 million customers to its Chase retail bank through its mobile app-based service in the United Kingdom. The bank has plans to gradually introduce the consumer bank in other international markets.
Chase communicated its impending policy change to customers via email on Tuesday morning, confirming the decision. Earlier on Tuesday, crypto news outlet Coindesk reported on this development.
In March, NatWest implemented new limits on the daily and monthly amounts customers can transfer to cryptocurrency exchanges, with the aim of safeguarding consumers from potential crypto-related fraudulent activities.
Santander, a Spanish bank, had previously announced its decision to block UK customers from making real-time payments to cryptocurrency exchanges as part of its efforts to protect customers from scams in the cryptocurrency space.
