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Chase UK to ban crypto transactions

Chase UK to ban crypto transactions

Chase UK has become the latest bank to ban crypto-related transactions from its mobile app in the face of escalating fraud fears.

The digital bank's customers will not be able to make crypto transactions using their debit cards or via outgoing bank transfers starting mid-October.

"Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction," a spokesperson for the firm confirmed on Tuesday. "We've seen an increase in the number of crypto scams targeting U.K. 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."

Chase's action follows similar restrictions imposed by Nationwide and HSBC in the UK. Santander, meanwhile, has put in place a £3000 monthly limit on payments to cryptocurrency exchanges. NatWest has also put in place daily and monthly limits.

Chas'es decision has drawn a sttorm of criticism from crypto true believers. Coinbase CEO Brian Armstrong expressed was particularly outraged. "Totally inappropriate behaviour from Chase (this is their UK bank only, is my understanding),” he responded before tagging in the Prime Minister and one of the leading crypto-friendly MPs.

“Rishi Sunak, Andrew Griffith, it appears Chase do not respect your policy goals - thoughts?"

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