Crypto Transactions on the Chopping Block: Chase UK's New Policy
Chase UK has taken a decisive step by banning crypto-related transactions on its mobile app due to mounting concerns about fraud. Effective from mid-October, the bank's digital customers won't be able to engage in crypto transactions using debit cards or outgoing bank transfers.
A spokesperson for Chase UK confirmed that customers attempting crypto-related transactions will receive declined transaction notifications. The decision stems from a surge in crypto scams targeting UK consumers, prompting the bank to prohibit the purchase of crypto assets via Chase debit cards or transfers to crypto platforms from Chase accounts.
This move follows similar actions by UK banks Nationwide and HSBC, while Santander has imposed a £3,000 monthly limit on payments to cryptocurrency exchanges, and NatWest has set daily and monthly transaction limits.
Chase's decision has sparked criticism from crypto advocates, including Coinbase CEO Brian Armstrong, who decried it as "totally inappropriate behavior," urging government officials to take notice of the situation.