Beginning on October 16, JPMorgan’s UK Bank will prohibit cryptocurrency transactions:
Here's Why JPMorgan's Chase retail bank has gained more than 1.6 million customers in Britain since its introduction two years ago thanks to its mobile app-based service. According to a business announcement on Tuesday, JPMorgan's retail banking unit in the UK, Chase, would forbid its customers from engaging in cryptocurrency transactions as of October 16 due to an increase in fraudulent activity. Chase made the decision in reaction to a noteworthy increase in cryptocurrency-related frauds that target consumers in the United Kingdom, which prompted them to take preventative action. According to a bank representative, customers will no longer be able to use their Chase debit cards to buy crypto assets or to move money from their Chase accounts to crypto platforms. Because of persistent concerns about how cryptocurrencies may be used in different online frauds carried out by criminals, Chase has joined a growing list of UK-based banks that have put limitations on consumer access to cryptocurrencies. JPMorgan's Chase retail bank has gained more than 1.6 million customers in Britain since its introduction two years ago thanks to its mobile app-based service. The bank intends to eventually offer this consumer banking service in foreign markets. According to Reuters, Chase formally notified its clients of the impending policy change via email on Tuesday morning. The decision was first covered by the cryptocurrency news site Coindesk earlier in the day. In an effort to protect customers from potential dangers from those engaged in cryptocurrency-related crimes, NatWest revised the daily and monthly limitations on the quantities of money customers can move to cryptocurrency exchanges in March. Additionally, as part of a larger effort to protect clients from scams, Spain's Santander implemented same safeguards last year, prohibiting UK customers from making real-time payments to cryptocurrency exchanges.
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