Chase UK has announced a ban on crypto-related transactions through its mobile app in response to rising concerns over fraud. Starting mid-October, customers will be unable to conduct crypto transactions using their debit cards or through outgoing bank transfers.
A spokesperson for the bank stated, “Customers will receive a declined transaction notification if they attempt to make a crypto-related transaction. 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.”
This decision follows similar measures by other banks in the UK, such as Nationwide and HSBC. Santander has imposed a £3,000 monthly limit on payments to cryptocurrency exchanges, while NatWest has implemented both daily and monthly limits.
Chase’s decision has sparked criticism from advocates in the crypto community. Coinbase CEO Brian Armstrong expressed his outrage, remarking on the inappropriateness of the bank’s actions and tagging the UK Prime Minister and a prominent crypto-friendly MP in his response.