Will JPMorgan ban crypto transactions from Oct 16?

JPMorgan's British retail bank Chase will ban crypto transactions made by customers from Oct. 16 due to an increase in fraud and scams, the company said on Tuesday.

Are cryptocurrency transactions illegal in China?

China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin. "Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets".

Why did chase ban crypto payments?

In the email, reviewed by CoinDesk, Chase said it was banning crypto payments because “fraudsters are increasingly using crypto assets to steal large sums of money from people” – a reason cited by other U.K. banks that have previously imposed similar limitations. “We’re committed to helping keep our customers’ money safe and secure.

When will crypto-linked payments be banned?

October 24, 2023 • Convene • Washington D.C. Where the industry establishes the digital economy’s legal, regulatory and compliance best practices for the future. Register Now Banking giant Chase is banning crypto-linked payments via debit card or by outgoing bank transfer for U.K. clients starting Oct. 16, according to an email to customers.