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Chase UK blocks crypto payments for customers, citing fraud and scam rise

News
Chase UK blocks crypto payments for customers, citing fraud and scam rise

Chase U.K. will block all crypto payments over fraud and scam allegations.

Chase U.K., a U.K. entity of the global bank, warned its customers that starting Oct. 16, it will block all crypto-related payments in an email to the customers. The email specified that customers are still free to interact with their cryptocurrency service providers through a different bank of their choosing.

“If we think you’re making a payment related to crypto assets, we’ll decline it,”

the email reads.

The email further explained that Chase came to the decision to ban crypto payments since “fraudsters are increasingly using crypto assets to steal large sums of money from people,” according to CoinDesk. This statement follows a report released by the bank in late June claiming that “cryptocurrency scams are on the rise.”

This development follows the UK’s significant progress in the crypto sector, particularly after its departure from the European Union. The UK government has displayed a positive attitude towards cryptocurrencies, with officials and authorities expressing optimism about their role in the country’s economic growth. This approach stands in contrast to the EU, which has imposed strict regulations on crypto transfers.

In response to the expanding crypto market and adoption, the UK intends to study regulating a broader range of cryptoasset activities. The Brexit deal, while causing concerns for many British people due to the costly and difficult trading with the rest of Europe, has opened up opportunities for the UK to establish itself in the crypto domain.