In a bid to mitigate the risk of fraud and scams associated with cryptocurrency, Chase Bank, owned by JPMorgan, has announced it will restrict all digital currency-related transactions for its customers in the United Kingdom, effective from October 16. The announcement was made on Tuesday.
The bank's customers will not be able to make crypto transactions using their debit cards or via outgoing bank transfers starting mid-October. "Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction," a spokesperson for the firm confirmed on Tuesday.
"We've seen an increase in the number of crypto scams targeting U.K. 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," the spokesperson added. The decision follows an observed rise in fraudulent activities linked to digital assets.
Chase Bank is not alone in its concerns over potential misuse of cryptocurrencies. Earlier this year, NatWest imposed new limits on the daily and monthly amounts customers can send to crypto exchanges as a protective measure against "crypto-criminals." In 2022, Spain's Santander (BME: SAN ) also blocked U.K. customers from sending real-time payments to crypto exchanges as part of similar protective measures.
JPMorgan launched its mobile app-based service Chase retail bank in Britain two years ago and has since attracted more than 1.6 million customers. The bank plans to expand this consumer banking service into other international markets over time.
Chase Bank notified its customers about the upcoming policy change via email on Tuesday morning. Further information about this developing story will be provided as it becomes available.
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