As the negative trend continues in Bitcoin and altcoins, new setbacks that will dampen investors’ morale are also coming to the fore. According to a recently circulated report, the banking giant has decided to ban crypto-related payments for customers. We have previously seen similar steps taken by HSBC and many other institutions.
Ban on Crypto Payments
According to the latest email sent to customers by the banking giant Chase, crypto-related payments will be discontinued for those in the United Kingdom starting from October 16th. If customers want to make a payment related to crypto, this transaction will fail. The email states, “If we think you made a payment related to crypto assets, we will reject it.”
The email sent by the bank also mentions that those who want to invest in crypto can use alternative banks or intermediaries. We are familiar with the negative approach of UK credit institutions towards crypto. Accordingly, finding a crypto-friendly bank in the region is quite difficult. The country’s financial watchdog, the Financial Conduct Authority (FCA), recently stated that banks are reluctant to provide services in the crypto field.
The ban decision taken by Chase is based on a similar reason as in other banks. This is the narrative that scammers actively victimize investors in the crypto field.
