Reported by Taylor J. Mustafa

Due to burgeoning concerns of financial crime, and increased activity of fraudsters and scammers, JP Morgan’s Chase UK bank has made the decision to ban their customers from making future cryptocurrency payments.

The company states that the ban, which will come into effect from October 16th, will apply to all debit card and outgoing bank transfers.

A spokesperson for Chase UK stated that the bank was “committed to helping keep our customers’ money safe and secure”.

“We have 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,” they added.

The retail banking arm of JP Morgan announced this ban to customers via email, whilst also warning them that “fraudsters are increasingly using crypto assets to steal large sums of money from people”.

Although the email stated that customers could still make crypto payments through the services of alternative banks, this came with a warning that they may not be able to get their money back.

“If we think you’re making a payment related to crypto assets, we’ll decline it,” the email stated, unarguably making the bank’s stance crystal clear.

According to the Office for National Statistics, crypto-related scams made up more than 40 per cent of all crimes reported in England and Wales last year, with these scams in particular surpassing £300 million.

Read full report: https://www.ibtimes.co.uk/jp-morgan-chase-bank-ban-crypto-payments-next-month-1719971