Chase UK has joined the ranks of banks restricting crypto-related transactions on its mobile app due to concerns about increasing fraud in the cryptocurrency space. Starting mid-October, Chase UK customers will not be able to use their debit cards for crypto transactions or make outgoing bank transfers to crypto sites.
A spokesperson for Chase confirmed that customers attempting to make crypto-related transactions will receive a declined transaction notification. The decision to implement these restrictions was influenced by a rising number of crypto scams targeting UK consumers.
Chase’s move follows similar actions taken by other UK banks. Nationwide and HSBC have also restricted crypto-related transactions, while Santander has imposed a monthly limit of £3,000 on payments to cryptocurrency exchanges. NatWest has introduced daily and monthly limits as well.
This decision by Chase UK has generated criticism from cryptocurrency advocates, including Coinbase CEO Brian Armstrong. He expressed outrage over Chase’s move, particularly highlighting that it affects their UK bank. Armstrong tagged the Prime Minister and a crypto-friendly MP, implying that Chase’s actions run counter to government policy goals. It’s worth noting that the stance of financial institutions on cryptocurrency-related transactions can vary widely and is often influenced by regulatory and security concerns.
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