Chase Bank to Impose Restrictions on Cryptocurrency Transactions in the U.K.

Chase Bank, a subsidiary of JPMorgan, has announced a new policy aimed at reducing the risk of fraud and scams related to cryptocurrency transactions for its customers in the United Kingdom. This change will take effect on October 16.

Starting mid-October, customers will be unable to perform cryptocurrency transactions using their debit cards or through outgoing bank transfers. A representative from the bank confirmed that if customers attempt to engage in such transactions, they will receive a notification indicating that the transaction has been declined.

The decision comes in response to an increase in crypto scams targeting consumers in the U.K. The spokesperson emphasized that this measure is being implemented to prevent the purchase of cryptocurrency using Chase debit cards or transferring funds to crypto platforms from Chase accounts.

Chase Bank is not the only financial institution taking precautions against potential cryptocurrency misuse. Earlier this year, NatWest introduced limitations on daily and monthly transfers customers could make to crypto exchanges as a safeguard against fraud. In 2022, Santander in Spain likewise restricted its U.K. customers from processing real-time payments to cryptocurrency exchanges as part of its protective measures.

JPMorgan launched its mobile app-based Chase retail banking service in the U.K. two years ago, and it has since gained over 1.6 million customers. The bank has plans to broaden this consumer banking service into other international markets in the future.

Chase Bank has communicated the upcoming policy changes to its customers via email. Additional updates on this situation will be provided as they arise.

This article was created with AI assistance and reviewed by an editor.