JPMorgan’s Chase UK bans crypto payments

Chase UK, a subsidiary of banking giant JPMorgan Chase, has told its customers that all cryptocurrency-related payments will be declined starting October 16.

An email sent to UK customers noted that the bank’s action is down to its changing crypto policy. Specifically, it’s the bank’s concern around increased fraud and scams in crypto, citing instances of increased attacks that have seen staggering amounts of money stolen from crypto investors.

Chase bans crypto-linked payments

Per the email, Chase will decline all crypto-linked payments that customers attempt to complete via debit card. The same will happen to outbound bank transfers, the bank noted. The ban will be implemented on transactions the banking giant believes are being made in relation to crypto assets.

“If we think you’re making a payment related to crypto assets, we’ll decline it,” Chase UK wrote in the email seen by Invezz.

Customers who feel they may be impacted by the declines can consider using other banks or financial providers that support cryptocurrency payments.

Like other UK banks, Chase says the limitations are aimed at enhancing the safety of their customers’ money. This is after a record spike in crypto scams that target customers in the UK, and to help protect more people, the bank will decline crypto purchases made via its debit card or bank transfers from customer accounts to a cryptocurrency exchange.

Chase UK is a digital banking unit of JPMorgan Chase and launched in the UK in September 2021.

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