Chase UK will block cryptocurrency payments due to fraud and scams

News Desk5
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Starting Oct. 16, the bank will decline customer attempts to make payments related to crypto assets.

Banking giant Chase is banning crypto-linked payments for U.K. clients starting Oct. 16, according to an email to customers.

“If we think you’re making a payment related to crypto assets, we’ll decline it,” the email said, adding that customers are free to use a different bank or provider to invest in crypto.

However, finding a crypto-friendly bank in the country may not be the easiest thing, as U.K. credit institutions have a history of blocking or limiting customer access to crypto. The local financial watchdog – the Financial Conduct Authority (FCA) – recently said it had facilitated discussions between banks and crypto firms because lenders have shown a reluctance to offer services to that industry.

In the email, reviewed by , Chase said it was banning crypto payments because “fraudsters are increasingly using crypto assets to steal large sums of money from people” – a reason cited by other U.K. banks that have previously imposed similar limitations.

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