UK Banks Place Ban on Cryptocurrency Transactions

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The JP Morgan British retail bank, Chase will impose a ban on all cryptocurrency transactions made by customers starting from October 16, due to an increase in fraud and scams.

The company revealed this on Tuesday according through a spokesperson saying the bank was committed to helping keep their customers’ money safe and secure.

According to reports, the bank said, they have seen an increase in the number of crypto scams targeting UK consumers, so they 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 data from Britain’s fraud reporting agency Action Fraud, there has been a 40% increase in consumer losses to crypto fraud in the past year, surpassing the £300m for the first time.

Several other United Kingdom banks have placed restrictions on crypto-related transactions, this move is one of the first outright bans on the asset.

Written by: Helen Obih

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