Chase Bank in UK Banning Crypto Transactions for Customers Due to Rising Fraud

Chase Bank in the UK will stop customers from making crypto transactions starting Oct. 16, citing an increase in fraud and scams.
Customers will get declined transaction notices if they try to make crypto purchases with debit cards or bank transfers.
Fraud losses related to crypto in the UK surpassed £300 million this year, per fraud agency Action Fraud.
Chase said the policy protects customers and keeps their money safe amid rising crypto scams.
The rules impact Chase's 1 million UK account holders, around 2% of its 50 million+ global userbase.

cointelegraph.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.

9/21/2023

UK Crypto Firms Warned to Comply With New Promotion Rules or Face Fines

The UK's Financial Conduct Authority (FCA) has warned cryptocurrency businesses to comply with new financial promotion rules, as the majority of firms are ignoring them; failure to comply could result in imprisonment, fines, or both. Only 24 out of over 150 firms have responded to the FCA's survey regarding the new rules, which will severely restrict communication of financial promotions from unauthorized crypto businesses.

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.

10/16/2023

Australian Government Proposes New Crypto Exchange Regulations, Exchanges Split on Impact

The Australian Treasury has proposed new regulations to regulate cryptocurrency exchanges under existing financial services rules, receiving praise from crypto exchanges for providing regulatory certainty and promoting industry growth and innovation. However, some express concerns about fitting the crypto industry into existing financial services regulation.

Topics

Posted 9/26/2023, 2:37:30 PM