An nameless reader writes: Chase UK, JPMorgan’s UK Financial institution, has advised its prospects that it’s going to not perform transactions associated to crypto property.
JPMorgan’s UK financial institution will cease prospects shopping for cryptocurrencies from subsequent month to fight rising numbers of criminals utilizing digital property to focus on victims.
The ban by Chase UK, which notified prospects by e-mail on Tuesday, marks a step up as British lenders attempt to cease their networks getting used for scams and frauds.
Whereas a number of banks, together with HSBC and NatWest, have set restrictions on their prospects’ purchases for crypto, outright bans are uncommon.
Chase stated its UK block, which can come into impact from October 16, had been knowledgeable by knowledge exhibiting the excessive price of crypto scams and fraud within the UK, together with faux investments and false superstar endorsements.