Banking juggernaut JPMorgan confirmed that its retail arm, Chase, will block all crypto-related payments for its customers in the United Kingdom.
British customers will not be able to purchase crypto assets on a Chase debit card or by transferring money to a crypto platform from a Chase account starting October 16, the bank said in a statement.
“If we think you’re making a payment related to crypto assets, we’ll decline it,” an email sent to customers read,” adding, “If you’d still like to invest in crypto assets, you can try using a different bank or provider instead — but please be cautious, as you may not be able to get the money back if the payment ends up being related to a fraud or scam.”
The email explained that the decision was taken because “fraudsters are increasingly using crypto assets to steal large sums of money from people. Declining these payments is one of the ways we’re helping keep you and your money safe.”
Some Chase clients on X, formerly known as Twitter, reported receiving the email regarding the policy changes. Many were enraged by the move, saying the bank opted to limit the freedom to utilize crypto assets in the pretence of investor protection.
“First they ignore you, then they laugh at you, then they fight you, then you win,” Bitcoin OG and educator Dan Held observed, adding: “Then they fight you. We’re here.”
UK Crypto Crackdown
It’s been getting tougher to buy and sell crypto if you bank in the United Kingdom.
The Chase news follows similar actions taken by other prominent banks in the UK. In February, NatWest informed the UK Treasury Select Committee that it was blocking crypto payments, citing volatility and fraud concerns.
Similarly, Santander, a Spanish bank operating in the UK, alongside Barclays U.K., announced that they would bar UK customers from making payments to crypto exchanges such as Binance.
Nationwide and HSBC have also cracked down by implementing daily limits for buyers or restricting credit cards from making any crypto-related purchases.