Chase UK Blocks Customers from Transacting Crypto
Chase UK, a part of the JPMorgan family, is blocking its customers in the U.K. from engaging in cryptocurrency transactions. Starting from October 16th, they are prohibiting the use of debit cards or bank transfers for cryptocurrency transactions. Customers attempting such transactions will receive a notification informing them that the transaction cannot proceed.
This decision is driven by a commitment to safeguarding customer interests. Chase UK has observed that fraudsters have been exploiting cryptocurrencies to scam individuals out of significant sums of money. Data from Action Fraud, the U.K.’s fraud reporting agency, reveals that crypto-related fraud has surged by more than 40% in the past year, surpassing £300 million for the first time. This issue has become so substantial that crypto scams accounted for over 40% of all reported crimes in England and Wales last year, according to Chase UK.
An Industry Trend
Chase UK is not the only financial institution taking such action. Other banks in the U.K. are also tightening restrictions on cryptocurrency transactions. For example, NatWest has imposed limits on the amount its customers can send to cryptocurrency exchanges to combat the rising incidence of crypto-related fraud.
A spokesperson from Chase UK emphasized their commitment to protecting customers’ finances:
“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.”