As part of efforts to curb the increase in fraud and scams, JP Morgan Chase, a British retail bank, will impose a ban on all cryptocurrency transactions made by customers beginning October 16.
The bank’s spokesperson revealed this on Tuesday, saying the bank was “committed to helping keep our customers’ money safe and secure”.
According to the bank, “We’ve seen an increase in the number of crypto scams targeting UK 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.”
Several other banks in the United Kingdom have placed restrictions on cryptocurrency related transactions, but this move is one of the first outright bans on the asset.
Since launching the mobile app-based service in the United Kingdom two years ago, JP Morgan has gained over 1.6 million customers for its Chase retail bank, and the company plans to expand the consumer bank into other international markets over time.
NatWest (NWG.L) imposed new limits on the daily and monthly amounts customers can send to crypto exchanges, seeking to protect consumers from “cryptocriminals.”
As part of measures to safeguard clients from scammers, Spain’s Santander announced last year that it would prohibit UK customers from transmitting real-time payments to cryptocurrency exchanges.
