JPMorgan Chase UK to block crypto payments from clients amid fraud concerns, says ‘making a payment, we’ll decline it'

JPMorgan Chase & Co.'s UK digital banking lender is blocking customers from making cryptocurrency transactions, citing a surge in fraudulent activities and scams, reported Bloomberg. 

According to an email sent to customers, starting from October 16, Chase UK clients will no longer have the option to engage in cryptocurrency transactions using their debit cards or by initiating outgoing bank transfers. 

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“To help you keep your money safe from frauds and scams, we’re changing the types of payments you can make from Chase,” the email reads. “If we think you’re making a payment related to crypto assets, we’ll decline it.” This move is a part of the bank's efforts to protect its customers from potential risks associated with cryptocurrency payments.

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Chase UK is one of the UK’s most popular neobanks. It was which launched in September 2021 and attracted 1 million customers after its first year of operation. It joins lenders like HSBC Holdings Plc and Nationwide Building Society, which tightened limits on retail customers’ access to crypto assets earlier this year, citing the risks they pose. 

Chase UK, one of the United Kingdom's leading neobanks, was launched in September 2021 and quickly gained popularity, amassing 1 million customers within its first year of operation. Following suit with other financial institutions like HSBC Holdings Plc and Nationwide Building Society, which tightened limits on retail customers’ access to crypto assets earlier this year. 

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Chase spokesperson said, “We’ve seen an increase in the number of crypto scams targeting UK 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.” 

JPMorgan is expected to experience substantial growth in the coming year in the Asia Pacific region, with a particular focus on India, Australia, and Japan, as stated by a senior executive at the Wall Street bank. 

(With inputs from Bloomberg)