Capital One announced last week the block of purchasing cryptocurrency using their card. This block came due to the “limited mainstream acceptance (of cryptocurrencies) and the elevated risks of fraud, loss, and volatility inherent in the cryptocurrency market.”
This decision is not final as they will continue to monitor the developments in the cryptocurrency market.
TD Bank & PNC Bank (USA) also have made claims stating that they also do not deal with that kind of business but it is not very likely that other banks will follow in their steps.
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I'm wondering how they can differentiate payments that are meant for crypto purchases?
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CoinBase is one of the major cryptocurrency exchanges and they were working along with Capital One.
When a person makes a BTC purchase on CoinBase using their Capital One card, on the transaction information it shows up as "CoinBase purchase" thus they know that it is a cryptocurrency buy or sell order so they block it.
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