Chase UK to Restrict Crypto Transactions for Popular Cryptos
Crypto Fraud Surge Leads to Chase Bank Restrictions JPMorgan Chase’s subsidiary, Chase Bank, will be restricting all cryptocurrency-related transactions for its customers in the United Kingdom starting Oct. 16. A spokesperson for the bank told Cointelegraph on Sept. 26 that customers will receive a declined transaction notification if they attempt to make a crypto-related transaction….
Crypto Fraud Surge Leads to Chase Bank Restrictions
JPMorgan Chase’s subsidiary, Chase Bank, will be restricting all cryptocurrency-related transactions for its customers in the United Kingdom starting Oct. 16. A spokesperson for the bank told Cointelegraph on Sept. 26 that customers will receive a declined transaction notification if they attempt to make a crypto-related transaction.
The restriction is due to an “increase in fraud and scams” related to crypto assets, according to the bank’s representative. Data from the U.K.’s fraud reporting agency, Action Fraud, suggests that consumer losses to crypto fraud, such as tron crypto, atom crypto, and voyager crypto today, have surged more than 40% year over year as of May 2023, with losses surpassing 300 million British pounds ($365 million).
Chase Bank’s decision to enforce the new restrictions comes as a response to the growing trend of crypto fraud, such as todays crypto, the graph crypto, terra crypto, and ankr crypto. To prevent further losses, the bank is advising customers to be mindful of the risks associated with coin crypto and big eyes crypto.
Crypto Policy Changes at Chase Bank
Chase Bank recently updated their policy around crypto assets, sending an email to customers on Sept. 26 that stated: “This has been done to protect our customers and keep their money safe.” The bank went on to explain that “fraudsters are increasingly using crypto assets to steal large amounts of money from people.”
The news of the policy changes spread to X (formerly Twitter), where some Chase users reported receiving the email. Many expressed outrage, arguing that the bank was limiting the freedom to use crypto under the guise of investor protection.
“We are banning computers because fraudsters use them,” one Bitcoin (BTC) enthusiast wrote, adding: “Back to pen and paper!”
The policy changes at Chase Bank have caused a stir in the crypto community, with some people speculating that this could lead to a crypto crash. Others have argued that other banks, such as Voyager, Atom, and Tron, could benefit from the decision, as customers may switch to these crypto-friendly banks.
Ultimately, the decision by Chase Bank has highlighted the need for investors to remain vigilant when dealing with crypto assets, such as today’s crypto, the graph crypto, terra crypto, tron crypto, voyager crypto today, atom crypto, ankr crypto, coin crypto, and big eyes crypto.
Chase Bank is a retail-focused bank offering fee-free banking via its mobile app, with more than 4,600 branches across the globe and reportedly over 50 million active users. Despite the latest restrictions, only around 2% of its total users worldwide will be affected, with its U.K. user base estimated to reach 1 million by September 2022. With the rise of cryptocurrencies such as tron crypto, atom crypto, voyager crypto today, ankr crypto, coin crypto and big eyes crypto, the graph crypto and terra crypto, today’s crypto and the crypto crash, Chase Bank is well-positioned to stay ahead of the game.