Chase Bank tells UK crypto users to take their business elsewhere
According to a customer email, Chase Bank is set to stop Crypto -related debit card payments and bank transfers for UK clients next month. As reported by CoinDesk, Chase will become the latest in a long line of UK banks to impose such measures as financial institutions in the country seek an effective way to tackle the rising rates of crypto-related fraud. The new measures will reportedly come into effect on October 16. In the email, Chase says, “If we think you’re making a payment related to crypto assets, we’ll decline it.” It went on to tell customers that they’re welcome to take their business elsewhere. A spokesperson for Chase said, “ We’ve seen an increase in the number of crypto scams targeting UK consumers , so we have taken the decision to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account,” (via CoinDesk). Despite the Financial Conduct Authority (FCA) seeking to open ...