A customer email claims that beginning next month, Chase Bank will no longer process debit card payments or bank transfers involving cryptocurrencies for customers in the United Kingdom.
CoinDesk reports that Chase would follow a long line of UK banks in implementing similar restrictions in an effort to combat the increasing prevalence of crypto-related fraud. According to reports, the new rules will be implemented on October 16.
According to the email, Chase will not process the payment “if we believe you are using crypto assets.” The document continued by telling clients they may take their money elsewhere if they don’t like the service.
“We’ve seen an increase in the number of crypto scams targeting UK consumers,” a Chase spokesman stated (via CoinDesk), explaining why the company has decided to ban customers from using Chase debit cards or sending funds from Chase accounts to cryptocurrency exchanges.
Finding a bank in the UK that is favorable to cryptocurrencies is becoming more and harder, despite efforts by the Financial Conduct Authority (FCA) to facilitate communication between banks and crypto companies (the regulator has particularly tried to address the problem of debanking in a recent study).
In fact, several major financial institutions have stopped processing card payments for Binance due to regulatory uncertainties.
In addition, Santander imposed a £1,000 per transaction and £3,000 per 30-day period cap on payments to cryptocurrency exchanges, while Starling, a UK-based online bank, prohibited any and all such transactions.