Chase U.K. to Block Crypto Payments Starting Oct. 16, Citing Fraud Concerns

Chase U.K. to start blocking crypto-related payments for customers on Oct. 16 due to fraud concerns.
Email to customers stated crypto payments will be declined and advised using other banks or providers for crypto.
U.K. banks have history of limiting customer access to crypto.
Financial watchdog FCA has facilitated talks between banks and crypto firms due to bank reluctance.
Chase U.K. cites crypto being used by fraudsters to steal money as reason for ban.

coindesk.com

Relevant topic timeline:

9/1/2023

UK's Travel Rule comes into effect, could halt certain crypto transfers

Crypto asset businesses in the UK may begin withholding certain crypto transfers to comply with the new Travel Rule, which aims to prevent money laundering and terrorist financing activities carried out using cryptocurrencies.

9/26/2023

Chase UK Limits Crypto Purchases to Protect Customers From Soaring Crypto Scams

Chase UK, the British challenger bank brand of JPMorgan, has prohibited customers from purchasing cryptocurrency starting October 16, citing the increasing use of crypto assets by fraudsters to steal money from people.

9/29/2023

Coinbase CEO Criticizes UK Banks' Crypto Bans, Urges Government Regulation

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10/24/2023

BlockFi Re-Opens Withdrawals, Lets Users Access Funds After Emerging from Bankruptcy

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