JPMorgan’s Chase Bank Bans Crypto Transactions in UK; Here’s The Reason

It has been just revealed the fact that JPMorgan Chase has just banned crypto transitions in UK. Check out the details about this really unexpected move here.

It has been reported that JPMorgan’s Chase Bank in the UK will no longer allow transactions to cryptocurrency platforms due to a rise in scams that have affected its customers.

The ban is set to take effect on October 16th, as per a recent report by Reuters. A spokesperson from Chase stated that the decision to prevent purchases of crypto assets using a Chase debit card or transferring money from a Chase account to a crypto site was made due to an increase in crypto scams targeting UK consumers.

Customers were informed of the forthcoming changes via email on Tuesday morning.

In an email to clients seen by CNBC, the bank said,

“Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction… This has been done to protect our customers and keep their money safe.”

A customer of Chase was recently scammed and lost $24,000.

The scammer sent the funds directly to a Chase bank account. The victim received a text message from Chase asking if they had authorized a $4,000 transfer, which they had not. The victim then received a call from a number on the back of their Chase debit card.

The scammer, pretending to be a representative from Chase, convinced the victim to transfer their entire balance to another Chase account set up by the scammer. When the victim realized they had been scammed, they notified the bank, filed a claim, and notified the police.

However, Chase rejected all three claims, leaving the victim to ask why the bank won’t protect them from this type of fraud. The victim argues that the scammers were able to impersonate Chase perfectly and that they couldn’t have known it was a scam. They believe the bank has a responsibility to reimburse their account.

Chase says it made “reasonable efforts” to recover Kirby’s funds.

Chase is pointing people to a page on its website with tips on how to avoid scams, according to the latest reports coming from the online publication the Daily Hodl.