JPMorgan's UK Bank Set To Ban Crypto Transactions Starting October 16: Here's Why

Since its launch two years ago, JPMorgan's Chase retail bank has attracted over 1.6 million customers through its mobile app-based service in Britain.

Chase officially informed its customers of the upcoming policy change via email, as reported by Reuters.

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JPMorgan's retail banking division in the UK, Chase, is set to prohibit its customers from engaging in cryptocurrency transactions starting from October 16, citing a rise in fraudulent activities, the company announced on Tuesday. The decision comes as a response to a noticeable surge in crypto-related scams targeting consumers in the United Kingdom, prompting Chase to take proactive measures. Customers will no longer be able to purchase crypto assets using their Chase debit cards or transfer funds to crypto platforms from their Chase accounts, according to a bank spokesperson.

Chase joins a growing list of UK-based banks that have implemented restrictions on customer access to cryptocurrencies due to ongoing apprehensions about their misuse in various online scams orchestrated by criminals.

Since its launch two years ago, JPMorgan's Chase retail bank has attracted over 1.6 million customers through its mobile app-based service in Britain. The bank has intentions to expand this consumer banking service to international markets in the future.

On Tuesday morning, Chase officially informed its customers of the upcoming policy change via email, as reported by Reuters. The move was initially reported by the crypto news outlet Coindesk earlier the same day.

In March, NatWest introduced new limits on the daily and monthly amounts customers can transfer to crypto exchanges, aiming to safeguard consumers against potential threats from individuals involved in cryptocurrency-related crimes.

Additionally, Spain's Santander announced similar protective measures last year, blocking UK customers from making real-time payments to crypto exchanges as part of a broader strategy to shield customers from scams.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.