Why Chase UK Banned Crypto Payments

Chase UK to ban crypto payments over fraud fears, sparking protest call from Coinbase's CEO.

Chase UK, part of the big financial company JPMorgan Chase, will make a big change in how it deals with cryptocurrency payments. Starting 16 October 2023, the bank won’t allow payments linked to crypto assets because they're worried about scams and fraud.

This decision comes after noticing more fraud cases connected to cryptocurrencies. The bank wants to protect its customers from losing money. If you’re a customer and still want to buy cryptocurrencies, you’ll need to use other banks or services. But Chase UK warns that if you get caught in a scam, they might not be able to help get your money back.

Brian Armstrong, who leads the crypto exchange Coinbase, doesn’t like Chase UK’s new rule. He shared his strong opinions on social media and even tagged some UK leaders, including Prime Minister Rishi Sunak. Armstrong suggested that people in the UK who own cryptocurrencies might want to close their Chase accounts to protest the bank’s new rules on crypto payments.