Chase UK, the British challenger bank brand of JPMorgan, has blocked customers in the U.K. from purchasing crypto assets.
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."
Chase UK cited data from Action Fraud, Britain's fraud reporting agency, that showed U.K consumer losses to crypto fraud increased by over 40% in the last year, surpassing £300 million for the first time.
Chase UK is the latest bank in the country to take steps to limit the ability of their customers to purchase cryptocurrencies.
"We're committed to helping keep our customers' money safe and secure," a Chase spokesperson told CNBC via email Tuesday.
Persons:
Chase, We're
Organizations:
Chase, JPMorgan, Wales, Office, National Statistics, cryptocurrencies, NatWest, HSBC, Nationwide, CNBC
Locations:
England