Monday, June 30, 2025
No Result
View All Result
Coins League
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis
Marketcap
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis
No Result
View All Result
Coins League
No Result
View All Result

Chase Bank Bans Crypto Payments Amid Soaring Fraud Risks From October 16

September 26, 2023
in Bitcoin
Reading Time: 2 mins read
0 0
A A
0
Home Bitcoin
Share on FacebookShare on TwitterShare on E Mail


JPMorgan’s British retail financial institution, Chase Financial institution, has not too long ago revealed plans to ban cryptocurrency-related funds for its British clients ranging from October 16, in response to a report by Reuters. The choice comes because the banking large seeks to deal with the “mounting issues” surrounding fraud and scams related to cryptocurrencies.

Chase Financial institution Shuts Door On Crypto Transactions

In an e mail despatched to its shoppers, Chase Financial institution knowledgeable them of the upcoming prohibition on cryptocurrency funds, providing various banking choices for these concerned within the crypto area. 

The e-mail additionally acknowledged that clients can discover different banking or monetary service suppliers to interact in cryptocurrency investments. The e-mail additional reads:

We’re dedicated to serving to hold our clients’ cash secure and safe. We’ve seen a rise within the variety of crypto scams concentrating on U.Ok. shoppers, so now we have taken the choice to forestall the acquisition of crypto belongings on a Chase Financial institution debit card or by transferring cash to a crypto website from a Chase account

In response to Reuters, this growth follows related actions different outstanding banks took. In March, NatWest applied new limits on the day by day and month-to-month quantities clients may ship to crypto exchanges to safeguard shoppers towards “crypto-criminals.”

Likewise, Santander, a Spanish financial institution working within the UK, introduced final yr that it could block UK clients from conducting real-time funds to crypto exchanges as a part of its efforts to guard clients from scams.

On this matter, the Monetary Conduct Authority (FCA), the regulatory physique overseeing monetary actions in the UK, has been actively concerned in facilitating discussions between banks and crypto companies because of the challenges confronted by the trade in securing banking companies. 

The nation’s monetary watchdog makes an attempt to bridge the hole between banks and crypto companies, though progress has been gradual. Overcoming the challenges of banks and regulators can be essential for the crypto trade to thrive and flourish within the UK market.

Chase Financial institution UK justifies its resolution to ban crypto funds by citing the prevalence of crypto belongings in facilitating large-scale fraudulent actions. This concern echoes related sentiments expressed by different UK banks which have beforehand imposed restrictions on cryptocurrency transactions. Conventional lenders stay cautious in regards to the dangers related to the crypto sector.

Whereas cryptocurrency’s reputation continues to soar, monetary establishments and regulators in the UK stay steadfast in combating crypto-related fraud and scams. 

The trail forward for cryptocurrency in the UK entails navigating the cautious method of conventional lenders and aligning with the FCA’s regulatory framework. 

The whole crypto market cap continues to drop on the day by day chart. Supply: TOTAL on TradingView.com

Featured picture from Shutterstock, chart from TradingView.com 



Source link

Tags: BankBansChasecryptoFraudOctoberPaymentsrisksSoaring
Previous Post

High-Potential Next Bitcoin – Bitcoin BSC Token Presale Almost Sold Out

Next Post

When Iconic Universes Merge: The Epic Collaboration of VeeFriends and Masters of the Universe | NFT CULTURE | NFT News | Web3 Culture

Related Posts

Bitcoin Rainbow Chart: The Next 4 Months For BTC Could Change Everything: Is History Repeating?
Bitcoin

Bitcoin Rainbow Chart: The Next 4 Months For BTC Could Change Everything: Is History Repeating?

June 30, 2025
Litecoin About To Complete 3rd Ever Golden Cross In History, What Happened The Last 2 Times?
Bitcoin

Litecoin About To Complete 3rd Ever Golden Cross In History, What Happened The Last 2 Times?

June 30, 2025
Africa Unites in Currency Revolution: PAPSS Launches Dollar-Free Trade Platform
Bitcoin

Africa Unites in Currency Revolution: PAPSS Launches Dollar-Free Trade Platform

June 29, 2025
Bitcoin Consolidating Below $108,000 But Eyes Set On $115,000 Target
Bitcoin

Bitcoin Consolidating Below $108,000 But Eyes Set On $115,000 Target

June 30, 2025
Bitcoin STH Capitulation Signal Emerges – Historical Rallies Followed This Setup
Bitcoin

Bitcoin STH Capitulation Signal Emerges – Historical Rallies Followed This Setup

June 29, 2025
India Urged to Consider Bitcoin Reserve Amid Global Digital Asset Shift
Bitcoin

India Urged to Consider Bitcoin Reserve Amid Global Digital Asset Shift

June 29, 2025
Next Post
When Iconic Universes Merge: The Epic Collaboration of VeeFriends and Masters of the Universe | NFT CULTURE | NFT News | Web3 Culture

When Iconic Universes Merge: The Epic Collaboration of VeeFriends and Masters of the Universe | NFT CULTURE | NFT News | Web3 Culture

SEC delays decision on ARK 21Shares proposed spot Bitcoin ETF until January 2024

SEC delays decision on ARK 21Shares proposed spot Bitcoin ETF until January 2024

Ocrolus Enhances its Mortgagetech – Finovate

Ocrolus Enhances its Mortgagetech - Finovate

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Twitter Instagram LinkedIn RSS Telegram
Coins League

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Coins League

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITEMAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2023 Coins League.
Coins League is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis

Copyright © 2023 Coins League.
Coins League is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In