Chase Bank officially ordered all its clients to shift crypto-related businesses to other banks, as the bank is going to ban crypto-linked transactions.
Early this year, many crypto-friendly banks collapsed. The majority of the collapsed banks were from the US. However the bankruptcy of banks was not dependent on crypto companies, as official reports showed, but still, the majority of the banks distanced their services from crypto business, and crypto-focused clients which further resulted in a very bad situation for the new Crypto companies to get banking partners.
Recently Chase Bank sent an email to the customers that if the bank identifies any bank transfer or debit card payment linked with crypto purchase/sell activity then the bank will decline that transaction.
According to this bank, the decision will help the bank to protect Bank clients from crypto-related fraud activities, which surged over the last couple of years.
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This latest decision will come into effect by 16 Oct. That means clients have a significant amount of time to go with other banks.
A Chase Bank spokesperson clarified that the Bank saw surging fraud activities that targeted people in the UK.
It is worth it to note that the UK’s Financial Conduct Authority (FCA) opened a dialogue between banks and crypto firms so that banks can provide banking services to crypto companies with full safety & security to customers but still all efforts are struggling to bring better connection between these two financial sectors.
UK, Crypto, & FCA
The Financial Conduct Authority (FCA) is the top financial regulator and also regulates the financial activities of crypto companies to ensure the regulated progress of the crypto sector in the UK.
However, crypto is not regulated under any crypto-dedicated laws in the UK but still, FCA provides a green signal for crypto companies to run their businesses.
Several times many crypto companies claimed that FCA intentionally does not give the green signal to new crypto companies and the existing crypto companies in the UK’s jurisdiction are playing the game of monopoly against Crypto investors.
Read also: CZ hits against WSJ’s report and stated “This Newspaper Declared SBF a Hero”
Chase Bank to ban payment services for crypto linked transactions
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