JPMorgan's British retail bank Chase said on Tuesday it will ban cryptocurrency transactions by customers starting October 16 due to an increase in scams and scams.
The ban will come into force as of October 16, 2023, and will prevent customers from purchasing cryptocurrencies or transferring money to cryptocurrency websites.
In the statement made by the bank, it was announced that all payments suspected to be related to crypto assets will be rejected. “From October 16, 2023, if we think you have made a payment related to crypto assets, we will reject it,” the statement said.
The bank also advised its customers who still want to invest in crypto assets to consider using a different bank or provider. However, it also warned its customers about the risks involved. “Please be careful because if the payment turns out to be fraud or a scam, you may not get the money back,” JP Morgan warned.
This move by JP Morgan indicates a significant change in its attitude towards cryptocurrencies.
*This is not investment advice.