JPMorgan’s UK bank to block crypto Transactions due to Fraud concerns

JPMorgan Chase is a bank and in the UK they are going to ban payments for crypto transactions. As per the bank, this decision has been taken because of fraud activities and now they are trying to control it so taking this major is a necessity for the bank. This is not the first time when any bank has done it so there is nothing to worry about because maybe later on they change their policy and it has also happened in the past.

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This is applicable only for the UK entity so if you are a user of the same then you should be facing some problems because the bank will not allow you to make the transactions for crypto payments. You dont be able to use your debit card for crypto payments so you must be looking for alternatives if you use crypto for payments or you use your funds to buy crypto.

The company said in a statement Tuesday that, starting Oct. 16, Chase UK customers would “no longer be able to make crypto transactions via debit card or by outgoing bank transfer.” “Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction,” the bank said in an email to clients.

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In the crypto market, we often hear different types of news including some positive and some negatives and this one is negative for sure. While we know that it is going to impact many users in UK there are many good things happening in the crypto market so just ignore this one and move forward because you cannot expect all good things to happen at the same time. sometimes things are good and sometimes things are bad but the overall impact should be positive and if you look at the global adoption of crypto and the positivity then it is more on the positive side.

This is just one bank that has announced the ban on crypto transactions but they have not specified any time limit so expect this to be longer. you may not expect it to get reversed soon since the bank has already announced but maybe if things go well or we enter into the next bull cycle then probably the bank will think about it because that way they'll be making some money out of these transactions which they would not want to lose.

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