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News - Chase UK: Crypto payments no longer accepted
As of Oct. 16 this year, Chase UK is blocking payments related to cryptocurrencies.
Chase UK the British arm of JPMorgan, will no longer allow crypto-related transactions. Coindesk quotes from a letter to customers of the bank, according to which payments to Bitcoin exchanges, for example, will be blocked from Oct. 16. The letter states, "If we believe you are making a payment related to crypto assets, we will reject it."
NEW: Chase bank tells customers it will decline payments for Bitcoin and crypto.
— Bitcoin Archive (@BTC_Archive) September 26, 2023
No probs.
Bitcoin will make you obsolete… 🤨 pic.twitter.com/KsKYJSdOsv
Protection against fraud
The move is designed to protect customers and the bank's own payment network from fraud. With 1.6 million customers, Chase UK is a relatively small bank and serves as the U.K. retail arm of J.P. Morgan. CEO Jamie Dimon is considered a fierce critic of Bitcoin.
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