On October 16, JPMorgan bank’s UK subsidiary, will end the ability for its UK customers to transact in cryptocurrency. This decision stems from a growing concern linked to increasing cases of fraud in the cryptocurrency world.
JPMorgan suspends support for crypto transactions
JPMorgan has taken a decision that is causing quite a stir in the UK crypto community.
Indeed, from October 16, the bank will end the possibility for its UK customers to carry out transactions involving cryptocurrencies. This decision, communicated via an e-mail sent to customers, stems from a growing concern about the increase in fraud cases and scams in the crypto sector.
A bank spokesperson pointed to a marked increase in attempted scams targeting UK consumers in the cryptocurrency space. For this reason, Chase decided to restrict crypto purchases made via its debit cards as well as fund transfers to crypto platforms.
According to the Office for National Statistics reveal that cryptocurrency-related scams accounted for more than 40% of all crimes reported in England and Wales in the previous year. This represents losses amounting to over £300 million.
In its message to customers, the bank places particular emphasis on the potential difficulties investors could face in recovering their funds in the event of fraud or scams.
While Chase is moving towards banning crypto transactions for its customers, other major banking institutions are rushing to launch Bitcoin and crypto funds to meet growing customer demand…
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
