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.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

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.

Old Billingsgate

Mon - Wed, October 13 - 15, 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.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

The derivatives giant will extend futures and options access to round-the-clock trading in early 2026

by Blockworks /
article-image

Global fiber network goes live as SEC clears 2Z token for utility use

by Blockworks /
article-image

The SPAC transaction positions Avalanche Treasury Co. as a Nasdaq-listed vehicle for institutional AVAX exposure by 2026

by Blockworks /
article-image

The collaboration brings regulated money market fund exposure to Polygon, with custody provided by Standard Chartered

by Blockworks /
article-image

FG Nexus teams with Securitize to bring its Nasdaq-listed equity onchain, offering tokenized stock trading through Ethereum

by Blockworks /
article-image

Sponsored

Taiko launches binding onchain governance and appoints three directors with expertise in global regulation, business strategy and blockchain tech

by Sponsored /