JPMorgan Chase UK imposes ban on crypto transactions

Chase cited customer losses due to crypto fraud in an email to customers

article-image

Ink Drop/Shutterstock modified by Blockworks

share

Starting on Oct. 16, JPMorgan Chase UK customers will not be able to make crypto transactions via bank transfer or debit card. 

Crypto-related transactions will be declined from October onwards, a Chase spokesperson explained in an email to Blockworks. Wire transfers to crypto exchanges will be included in the ban.

“We’re committed to helping keep our customers’ money safe and secure. We’ve seen an increase in the number of crypto scams targeting U.K. consumers, so we have taken the decision to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account,” a Chase spokesperson said.

The bank cited a study from Action Fraud, the fraud reporting agency in Britain, which found that consumer losses connected to fraud increased by 40% and surpassed 300 million British pound sterling. 

In an email to customers, Chase said that customers can switch banks or providers but cautioned that customers “may not be able to get the money back if the payment ends up being related to fraud or a scam.”

Read more: Crypto Startups Find UK Banks Won’t Give Them Accounts

Chase isn’t the first bank to either block or limit crypto transactions. Multiple banks, earlier this year, imposed tighter restrictions on UK customers looking to use crypto.

The Royal Bank of Scotland, back in March of this year, moved to limit transfers to crypto exchanges. 

On its support center page, RBS said that it will “block or limit online banking and mobile app Faster Payments and Debit Card transactions made to these exchanges to £1k a day and £5k in any 30-day period, until further notice. These limits apply separately to each account.”

Read more: The UK isn’t giving crypto firms a chance 

Santander also limits crypto-related transactions, though it prohibits payments from a customer’s account to Binance. Customers can, however, transfer funds to their accounts from Binance. 

There are other banks and providers that UK customers can use, including both Revolut and Monzo. 

Monzo, on its site, says that customers can “use a range of cryptocurrency exchanges as part of your personal banking with us.”

Revolut, which announced the shuttering of its US services in early October, also allows UK customers to send crypto. Its site warns that it “cannot retrieve funds sent to the incorrect address or using the incorrect network.”


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

recent research

Research Report Templates.png

Research

An overview of the Base Ecosystem, with a focus on market leaders.

article-image

Although bitcoin hitting $120k by year’s end is looking unlikely

article-image

About 270 million HYPE has been claimed, valued around $7.6 billion

article-image

Stanford professors David Mazières and Dan Boneh will lead the lab alongside a cohort of graduate student researchers

article-image

With more companies holding BTC, bitcoin yielding strategies could become “a new corporate finance norm,” CoinShares posed

article-image

The proposal comes after Polygon governance considered a controversial use of bridged liquidity for yield

article-image

Can the community balance its decentralized ethos with the need for inclusivity and constructive debate?