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JPMorgan’s British bank Chase to prohibit crypto transactions

JPMorgan’s UK retail bank Chase has decided to prohibit crypto transactions conducted by clients from October 16th amid an increase in cases of fraud and scams, the lender announced this week.

“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,” a spokesperson for Chase was quoted as saying by Reuters.

JPMorgan has already lured over 1.6 million clients to its Chase retail bank since the launch of the mobile app-based service in the United Kingdom two years ago.

Chase clients were notified about the planned policy change by email on Tuesday morning.

In March, NatWest had introduced new limits on the daily and monthly amounts, which clients are able to send to cryptocurrency exchanges in a move aimed to protect them from “crypto-criminals.”

The shares of JPMorgan Chase & Co (JPM) closed 1.04% ($1.52) lower at $144.93 in New York on Tuesday, while reversing a gain from the previous trading session.

The financial group’s total market cap now stands at $421.18 billion.

The shares of JPMorgan Chase & Co went down 15.31% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).

The US lender’s shares have risen 8.08% so far this year.

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