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As reported by Reuters, Chase, JP Morgan’s UK bank, today announced it would block any cryptocurrency-related transactions attempted by its users. The ban itself is set to come into effect from October 16 2023.
The reason attributed to the dramatic move is concern for users’ security, in light of the increasing prevalence of scams and malicious activity involving cryptocurrency transactions. Affected customers were alerted via email on Tuesday September 26.
According to a spokesperson for Chase, "We've seen an increase in the number of crypto scams targeting UK consumers, so we have taken the decision to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account".
Not the first…
If the ban is true, Chase will simply stand as the latest addition to a growing list of UK banks to have intervened on behalf of customers in banning cryptocurrency-related transactions - A list that extends back years.
UK banks that have clamped down on consumers’ ability to interact with cryptocurrency already include, NatWest, Standard Chartered, and HSBC, among others.