(Bloomberg) -- JPMorgan Chase & Co.’s UK digital lender is blocking customers from making crypto payments, citing an increase in frauds and scams.
Chase UK clients will no longer be able to make crypto transactions via debit card or by outgoing bank transfer from Oct. 16, according to an email sent to customers.
“To help you keep your money safe from frauds and scams, we’re changing the types of payments you can make from Chase,” the email said. “If we think you’re making a payment related to crypto assets, we’ll decline it.”
Chase UK, which launched in September 2021, is one of the UK’s most popular neobanks, attracting 1 million customers after its first year of operation. It joins lenders like HSBC Holdings Plc and Nationwide Building Society, which tightened limits on retail customers’ access to cryptoassets earlier this year, citing the risks they pose.
“We’ve seen an increase in the number of crypto scams targeting U.K. consumers, so we have taken the decision to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account,” a Chase spokesperson said in a statement.
Read More: JPMorgan Joins U.K. Consumer Market With New Digital Bank
CoinDesk reported on Chase UK’s move earlier.
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