JPMorgan’s UK digital bank Chase has told customers it will ban crypto-linked payments from its UK current accounts, blocking both debit card purchases of crypto and bank transfers to crypto exchanges and brokers from mid-October 2023. The bank said it will decline any payment it identifies as related to crypto assets, citing a marked increase in crypto-related fraud and scams targeting UK consumers as the primary reason. Customers remain free to use other banks or providers if they wish to buy or sell crypto, but will not be able to route those payments through Chase UK accounts. This move places Chase among the more restrictive UK banks on retail crypto access, going beyond the transaction limits and enhanced checks that some peers have introduced to an outright block on outbound crypto payments. Chase’s public guidance for UK customers now states that it “blocks any payment [it] identify as a crypto asset transaction” and will decline attempted transfers or card payments to crypto exchanges, while still allowing other, non-flagged payments to proceed. The stance reflects a broader risk posture at JPMorgan, which in its global cryptoasset disclosures stresses the susceptibility of crypto to fraud and volatility and frames its approach primarily through a fraud- and consumer-protection lens. The decision is significant for UK retail users of crypto, as it tightens on-ramps from a major digital bank and may influence how other institutions balance innovation and customer demand against fraud risk and regulatory scrutiny.

AI-generated background, compiled from web sources — not editorial content.

More coverage

Explore the topic

Loading related coverage…

Explore the full feed

Comments

Loading comments…