Chase UK To Ban Cryptocurrency Purchases Over Fraud Fears

An anonymous reader writes: Chase UK, JPMorgan's UK Bank, has told its customers that it will not carry out transactions related to crypto assets. The Financial Times writes: JPMorgan's UK bank will stop customers buying cryptocurrencies from next month to combat rising numbers of criminals using digital assets to target victims. The ban by Chase UK, which notified customers by email on Tuesday, marks a step up as British lenders try to stop their networks being used for scams and frauds. While several banks, including HSBC and NatWest, have set restrictions on their customers' purchases for crypto, outright bans are rare. Chase said its UK block, which will come into effect from October 16, had been informed by data showing the high rate of crypto scams and fraud in the UK, including fake investments and false celebrity endorsements.

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