Starting from October 16, Chase Bank UK, a branch of the financial giant JPMorgan Chase, will impose a complete restriction on all crypto-related transactions. Whether it’s a debit card transaction or an outgoing bank transfer to a crypto platform, users will encounter a notification of transaction refused. This unexpected pivot comes in the context of a concerning increase in crypto scams in the UK, which saw a rise of over 40% in crypto fraud year-on-year in May 2023. Action Fraud, the British watchdog against fraud, reports staggering losses exceeding £300 million ($350 million) from these scams.
The rise of crypto scams targeting British consumers has motivated this decision. We are fully committed to ensuring the security and safety of our customers’ funds.
Chase Bank spokesperson
Proactive stance of Chase on consumer protection
Chase Bank justifies this controversial decision as an essential measure to protect its customers from the growing risks associated with crypto assets.
This sentiment was echoed in an email notification to customers on September 26, where the bank emphasized its commitment to thwarting fraudulent attempts exploiting crypto assets.
While some see the bank’s move as a cautious step in the interest of user security, others view it as a draconian measure stifling individual freedoms under the guise of protection.