Recent decision by JPMorgan's UK digital bank, Chase UK, to block customers from making crypto transactions via debit card or outgoing bank transfer starting from October 16th, 2023
Starting October 16, 2023, Chase UK is blocking customers from making crypto transactions due to rising crypto fraud concerns, following a trend among UK banks. Mixed reactions surround this move.
Ralph Fontones
10/11/20231 min read
Chase UK cited an increase in crypto frauds as the reason for this decision . The company's move follows similar steps taken by other banks in the UK to restrict transactions involving cryptocurrencies.
According to a recent article by CNBC, Chase UK customers will "no longer be able to make crypto transactions via debit card or by outgoing bank transfer".The company said it was taking the step because "fraudsters are increasingly using crypto assets to steal large sums of money from people".Other banks in the UK have also taken similar steps to restrict transactions involving cryptocurrencies .
This decision has been met with mixed reactions. Some experts believe that it is a necessary step to protect customers from fraud and scams, while others argue that it is an overreaction that could stifle innovation in the cryptocurrency industry. It's important to note that selling cryptocurrency can be risky, and it's important to do your own research before making any decisions.You may also want to consult with a financial advisor before selling your XRP coins.
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