UK-Based Chase Bank Bans Crypto-Related Payments

Chase Bank based in the United Kingdom discloses that it is going to ban all crypto-related payments. Chase Bank a well-known digital bank shared the information in a mail on Tuesday that it will no longer support crypto-related payments.

The bank comes under the subsidiary of JP Morgan Chase and has a reputation in the digital banking sector. The email reads that due to the rising number of crypto scams and hacks, the bank has decided to ban crypto-related payments for UK clients. Users residing in the United Kingdom won’t be able to receive or transfer crypto-related payments from the 16th of October, 2023.

Why Chase Bank Bans Crypto-Related Payments?

A spokesperson from The Chase Bank discussed the stance behind the decision made by the bank management with the media. He said that the bank had to decide on growing crypto scams and hacks. To avoid such scams or to be part or victim of crypto scams, Chase Bank has decided to ban the purchase of crypto assets via Chase Bank’s debit card. Moreover, transferring of payment for crypto-related payments via Chase bank’s accounts will also be prohibited and banned from the 16th of October, 2023.

Also Read: Crypto Scams, Hacks, and Exploits Drained $1 Billion This Year, Says a Report

Chase Bank started its app services in the UK back in 2021 and attracted more than 1.6M clients in a couple of years. Chase Bank is the subsidiary bank of JP Morgan Chase which is considered to be the largest in the United States worth more than $3 trillion.

Crypto Status in the UK

NatWest Bank based in the UK also limited its crypto-related services back in March 2023 and put a limit to crypto-related transactions. Although the Prime Minister favoured the crypto space in the region by supporting blockchain and crypto space, now one must be cautious due to scams. Till now Chase Bank was offering its digital financial services in the UK but now has decided to ban crypto-related payments due to the rising number of crypto scams.