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Chase U.K. to Block Crypto Payments Citing Fraud, Scams

source-logo  coindesk.com  + 19 more 26 September 2023 13:00, UTC

Banking giant Chase is banning crypto-linked payments for U.K. clients starting Oct. 16, according to an email to customers.

"If we think you're making a payment related to crypto assets, we'll decline it," the email said, adding that customers are free to use a different bank or provider to invest in crypto.

However, finding a crypto-friendly bank in the country may not be the easiest thing, as U.K. credit institutions have a history of blocking or limiting customer access to crypto. The local financial watchdog – the Financial Conduct Authority (FCA) – recently said it had facilitated discussions between banks and crypto firms because lenders have shown a reluctance to offer services to that industry.

In the email, reviewed by CoinDesk, Chase said it was banning crypto payments because “fraudsters are increasingly using crypto assets to steal large sums of money from people” – a reason cited by other U.K. banks that have previously imposed similar limitations.

Chase U.K. did not immediately respond to a request for comment.


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