Chase UK cuts off crypto payments due to high levels of fraud

UK digital bank Chase will start blocking payments related to crypto investments from 16 October, in a move it says will better protect its customers.

“We've made this decision because fraudsters are increasingly using crypto assets to steal large sums of money from people,” the bank wrote in an email to customers yesterday.

“Declining these payments is one of the ways we're helping keep you and your money safe.”

Chase advised customers still looking to invest in crypto to try using a different bank or provider, but cautioned that “you may not be able to get the money back if the payment ends up being related to fraud or a scam.”

The decision will be disappointing to some customers, but follows a steady stream of UK banks who’ve been blocking crypto-related transactions.

Starling Bank last year introduced a full ban on crypto asset transactions, joining high street giants like Lloyds, Barclays and RBS who have all introduced measures to restrict crypto investments.

Meanwhile, on the other end of the spectrum, Revolut operates a successful crypto trading business and even offers premium crypto-branded cards and Monzo has no restrictions on crypto exchanges.