- United Kingdom-based customers of Chase Bank, a subsidiary of financial services company JPMorgan Chase, have been informed that starting on October 16, they will no longer be able to make crypto transactions using their debit cards or through outgoing bank transfers.
Chase said it made this decision “because fraudsters are increasingly using crypto assets to steal large sums of money from people. Declining these payments is one of the ways we’re helping keep you and your money safe.” It remains to be seen how the U.K. government will respond to this change of service as cryptocurrencies are legal in the country and there is no law or government policy that bans making such payments.
According to a source familiar with the matter who asked not to be identified, the largest bank in the U.S. by assets has already developed most of the underlying infrastructure needed for the new payment vehicle to work but is waiting on final approval from U.S. regulators before they actually create the token. Once approval is received, JPMorgan will likely launch the product for use by corporate clients within a year.