JPMorgan’s UK Digital Bank Impedes Customers’ Crypto Purchases: An In-depth Look

Chase UK, the British challenger bank brand of JPMorgan, has implemented a restriction on crypto asset purchases for its customers in the U.K.

In a statement, the company announced that from Oct. 16 onwards, Chase UK customers would no longer be able to make crypto transactions using their debit cards or through outgoing bank transfers.

If customers attempt to make a crypto-related transaction, they will receive a notification stating that the transaction has been declined, as the bank purposes to safeguard its customers’ money.

Chase UK took this action due to the rising number of fraudsters exploiting crypto assets to steal significant sums of money from individuals.

Data from Action Fraud, Britain’s fraud reporting agency, reveals that U.K. consumer losses resulting from crypto fraud have surged over 40% in the past year, exceeding £300 million for the first time.

Additionally, crypto scams accounted for more than 40% of all reported crimes in England and Wales during the previous year, according to the Office for National Statistics, as disclosed in the customer email from Chase UK.

Chase UK joins other banks in the country, such as NatWest, HSBC, and Nationwide, which have also imposed restrictions on their customers’ ability to purchase cryptocurrencies.

To combat the increasing number of fraud attempts associated with crypto, NatWest limited its customers to sending a maximum of £1,000 per day and £5,000 over a 30-day period to crypto exchanges.

A spokesperson from Chase stated, “We remain dedicated to ensuring the safety and security of our customers’ money. Due to the surge in crypto scams targeting U.K. consumers, we have made the decision to prevent the purchase of crypto assets using Chase debit cards or by transferring funds from a Chase account to a crypto site.”

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