{"id":23706,"date":"2023-09-26T17:54:26","date_gmt":"2023-09-26T17:54:26","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/chase-bank-announces-an-outright-ban-on-crypto-payments-in-u-k\/"},"modified":"2023-09-26T17:54:26","modified_gmt":"2023-09-26T17:54:26","slug":"chase-bank-announces-an-outright-ban-on-crypto-payments-in-u-k","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/chase-bank-announces-an-outright-ban-on-crypto-payments-in-u-k\/","title":{"rendered":"Chase Bank announces an outright ban on crypto payments in U.K."},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/ashim-d-silva-DYsV3ifO5E4-unsplash-min-1-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/ashim-d-silva-DYsV3ifO5E4-unsplash-min-1-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/ashim-d-silva-DYsV3ifO5E4-unsplash-min-1-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/ashim-d-silva-DYsV3ifO5E4-unsplash-min-1-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Chase Bank will start to block crypto payments in U.K. from October 16th.<\/li>\n<li>The retail bank says the ban is related to an increase in crypto frauds.<\/li>\n<li>Chase Bank has an active user base of well over 1.0 million in the U.K.<\/li>\n<\/ul>\n<p>Chase Bank \u2013 a subsidiary of <a href=\"https:\/\/coinjournal.net\/news\/jpmorgan-teams-up-with-six-indian-banks-to-build-a-blockchain-based-platform\/\">JPMorgan<\/a> has decided to ban crypto-related transactions in the United Kingdom.<\/p>\n<h2>Why is Chase Bank banning crypto transactions?<\/h2>\n<p>Payments via outgoing bank transfers or the debit card suspected to be linked to cryptocurrencies in any way will be blocked from October 16<sup>th<\/sup>, the bank told its customers in an email today.<\/p>\n<p>Chase said it was moving to impose an outright ban because <a href=\"https:\/\/www.ft.com\/content\/88602223-004b-4e27-b9eb-c45e1f850f9f\" target=\"_blank\" rel=\"noopener\">crypto scams<\/a> are on the rise in the U.K.<\/p>\n<blockquote>\n<p>We\u2019ve seen an increase in the number of crypto scams targeting U.K. consumers. So, we\u2019ve taken the decision to prevent the purchase of crypto assets.<\/p>\n<\/blockquote>\n<p>The retail bank has an active user base of well over 1.0 million in the <a href=\"https:\/\/coinjournal.net\/news\/tag\/uk\/\">United Kingdom<\/a>.<\/p>\n<h2>U.K. consumers have lost millions to crypto scams<\/h2>\n<p>Chase cited data from Action Fraud \u2013 a British fraud reporting agency that suggests consumers in the U.K. have lost more than \u00a3300 million to <a href=\"https:\/\/www.ft.com\/content\/88602223-004b-4e27-b9eb-c45e1f850f9f\" target=\"_blank\" rel=\"noopener\">crypto frauds<\/a>. Its spokesperson also wrote in the said email:<\/p>\n<blockquote>\n<p>If we think you\u2019re making a payment related to crypto assets, we\u2019ll decline it \u2026 We\u2019re committed to helping keep our customers\u2019 money safe and secure.<\/p>\n<\/blockquote>\n<p>Earlier this year, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-02\/uk-banks-ramp-up-crypto-restrictions-with-new-retail-limits\" target=\"_blank\" rel=\"noopener\">NatWest<\/a> also restricted the sum of money a consumer can send to crypto companies per day and per month. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-02\/uk-banks-ramp-up-crypto-restrictions-with-new-retail-limits\" target=\"_blank\" rel=\"noopener\">HSBC<\/a> announced similar limitations in March as well.<\/p>\n<p>The announcement arrives on the same day when JPMorgan Chase &amp; Co agreed to a $75 million <a href=\"https:\/\/www.wsj.com\/finance\/banking\/jpmorgan-paying-75-million-to-settle-suit-over-jeffrey-epstein-ties-545e7824\" target=\"_blank\" rel=\"noopener\">settlement<\/a> with U.S. Virgin Islands on a Jeffrey Epstein-related lawsuit.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/chase-bank-to-ban-crypto-payments-in-uk\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Chase Bank will start to block crypto payments in U.K. from October 16th. The retail bank says the ban is related to an increase in crypto frauds. Chase Bank has an active user base of well over 1.0 million in the U.K. Chase [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":23707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23706"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23706"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23706\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23707"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}