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JPMorgan Chase UK Digital Bank Blocks Crypto Transactions Due to Fraud Concerns

CryptoJPMorgan Chase UK Digital Bank Blocks Crypto Transactions Due to Fraud Concerns

JPMorgan Chase & Co.’s UK digital bank is blocking customers from engaging in cryptocurrency transactions, citing a rise in fraudulent activities and scams, per Bloomberg. Starting from October 16, Chase UK clients won’t be able to use their debit cards or initiate outgoing bank transfers for cryptocurrency transactions, as mentioned in an email to customers. This decision aims to protect customers from potential crypto-related risks. Chase UK, launched in September 2021, gained 1 million customers in its first year, following the trend of other banks like HSBC Holdings Plc and Nationwide Building Society, which also restricted retail customers’ access to crypto assets due to perceived risks.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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