Chase UK blocks crypto payments for customers, citing fraud and scam rise
Chase U.K. will block all crypto payments over fraud and scam allegations. Chase U.K., a U.K. entity of the global bank, warned its customers that starting Oct. 16, it will block all crypto-related payments in an email to the customers. The email specified that customers are still free to interact with their cryptocurrency service providers through a different bank of their choosing. “If we think you’re making a payment related to crypto assets, we’ll decline it,” the email reads. The email further explained that Chase came to the decision to ban crypto payment s since “ fraud sters are increasingly using crypto assets to steal large sums of money from people,” according to CoinDesk. This statement follows a report released by the bank in late June claiming that “ crypto currency scams are on the rise.” You might also like: UK parliament to pass crypto bill against financial crimes This development follows the UK’s ...