JPMorgan’s subsidiary Chase UK to restrict crypto transactions

Regulation

Chase Bank, a digital bank owned by the investment bank JPMorgan, will restrict all cryptocurrency-related transactions for its customers in the United Kingdom.

Starting from Oct. 16, customers of Chase Bank in the U.K. will no longer be able to make crypto transactions using their debit cards or through outgoing bank transfer, a spokesperson for the firm told Cointelegraph on Sept. 26.

“Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction,” Chase Bank said in a statement.

According to the bank’s representative, Chase has decided to enforce new cryptocurrency restrictions due to an “increase in fraud and scams related to crypto assets.”

This is a developing story, and further information will be added as it becomes available.

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