According to a customer email, Chase Bank is set to stop crypto-related debit card payments and bank transfers for UK clients next month.
As reported by CoinDesk, Chase will become the latest in a long line of UK banks to impose such measures as financial institutions in the country seek an effective way to tackle the rising rates of crypto-related fraud. The new measures will reportedly come into effect on October 16.
In the email, Chase says, “If we think you’re making a payment related to crypto assets, we’ll decline it.” It went on to tell customers that they’re welcome to take their business elsewhere.
A spokesperson for Chase said, “We’ve seen an increase in the number of crypto scams targeting UK 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,” (via CoinDesk).
Despite the Financial Conduct Authority (FCA) seeking to open a dialogue between banks and crypto firms (the regulator has specifically sought to address the issue of debanking in a recent report) finding a crypto-friendly bank in the UK is becoming progressively more difficult.
Indeed, the likes of Nationwide, HSBC, Santander, Barclays, and Natwest all blocked card payments to Binance following regulatory uncertainty towards the exchange.
In addition, Santander limited payments to crypto exchanges at £1,000 per transaction and £3,000 for every 30 days while online bank Starling banned all transactions towards crypto exchanges.