Chase Bank – a subsidiary of JPMorgan – has decided to ban crypto-related transactions in the United Kingdom. From October 16th, the retail bank will block payments via outgoing bank transfers or the debit card suspected to be linked to cryptocurrencies in any way.
Chase said the ban is related to an increase in crypto frauds targeting U.K. consumers. According to data from Action Fraud – a British fraud reporting agency – consumers in the U.K. have lost more than £300 million to crypto frauds.
The bank’s spokesperson wrote in an email: “We’ve seen an increase in the number of crypto scams targeting U.K. consumers. So, we’ve taken the decision to prevent the purchase of crypto assets. If we think you’re making a payment related to crypto assets, we’ll decline it… We’re committed to helping keep our customers’ money safe and secure.”
Chase Bank has an active user base of well over 1.0 million in the U.K. Other banks have also imposed restrictions on crypto transactions: NatWest restricts the sum of money a consumer can send to crypto companies per day and per month, while HSBC announced similar limitations in March.
The announcement about the ban arrives on the same day JPMorgan Chase & Co agreed to a $75 million settlement with U.S. Virgin Islands on a Jeffrey Epstein-related lawsuit.