{"id":46526,"date":"2023-09-27T09:34:00","date_gmt":"2023-09-27T02:34:00","guid":{"rendered":"https:\/\/coinwire.com\/?p=46526"},"modified":"2023-09-27T08:07:36","modified_gmt":"2023-09-27T01:07:36","slug":"jpmorgans-chase-uk-to-implement-crypto-restrictions","status":"publish","type":"post","link":"https:\/\/coinwire.com\/jpmorgans-chase-uk-to-implement-crypto-restrictions\/","title":{"rendered":"JPMorgan&#8217;s Chase UK to Implement Crypto Transaction Restrictions"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.chase.com\/\" target=\"_blank\" rel=\"dofollow noopener\">Chase Bank<\/a>, a subsidiary of <a href=\"https:\/\/www.jpmorgan.com\/VN\/en\/about-us\" target=\"_blank\" rel=\"dofollow noopener\">JPMorgan Chase<\/a>, is set to impose restrictions on cryptocurrency-related transactions for its customers in the United Kingdom starting October 16th. This decision comes in response to a surge in crypto-related fraud and scams, aiming to protect customers and their finances. While some customers have expressed concerns about the limitations on crypto use, Chase is determined to prioritize safety and security.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"New_Restrictions_from_JPMorgans_Aimed_at_Protecting_Customers\"><\/span>New Restrictions from JPMorgan&#8217;s Aimed at Protecting Customers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/coinwire.com\/wp-content\/uploads\/2023\/09\/image-24.jpg\" alt=\"JPMorgan&#039;s Chase Bank (Source: Pymnts)\" class=\"wp-image-46527\" title=\"\" srcset=\"https:\/\/coinwire.com\/wp-content\/uploads\/2023\/09\/image-24.jpg 1000w, https:\/\/coinwire.com\/wp-content\/uploads\/2023\/09\/image-24-300x180.jpg 300w, https:\/\/coinwire.com\/wp-content\/uploads\/2023\/09\/image-24-768x461.jpg 768w, https:\/\/coinwire.com\/wp-content\/uploads\/2023\/09\/image-24-193x116.jpg 193w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">JPMorgan&#8217;s Chase UK Bank (<em>Source: Pymnts)<\/em><\/figcaption><\/figure>\n\n\n\n<p>Chase Bank has announced its plan to restrict <a href=\"https:\/\/coinwire.com\/tag\/cryptocurrency\" target=\"_blank\" rel=\"noreferrer noopener\">cryptocurrency<\/a> transactions in the United Kingdom, citing an alarming increase in fraud and scams associated with digital assets. Customers will no longer be able to use their debit cards or conduct outgoing bank transfers for crypto transactions, starting from October 16th. The bank spokesperson stated that customers attempting crypto-related transactions will receive declined notifications.<\/p>\n\n\n\n<p>The decision is rooted in data from Britain&#8217;s fraud reporting agency, Action Fraud, which reported a year-over-year increase of over 40% in U.K. consumer losses due to crypto fraud as of May 2023. The total losses surpassed \u00a3300 million ($365 million). Chase&#8217;s spokesperson emphasized their commitment to safeguarding customer funds and cited the rise in <a href=\"https:\/\/coinwire.com\/tag\/exploit\" target=\"_blank\" rel=\"noreferrer noopener\">crypto scams<\/a> targeting U.K. consumers as the primary reason for implementing these restrictions.<\/p>\n\n\n\n<p><strong>Read more:<\/strong> <a href=\"https:\/\/coinwire.com\/jpmorgan-developing-blockchain-based-deposit-token\/\" target=\"_blank\" rel=\"noreferrer noopener\">JPMorgan Developing Blockchain-Based Deposit Token: Bitcoin Reaches $26,000<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mixed_Reactions_from_Customers\"><\/span>Mixed Reactions from Customers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">\ud83d\udea8 \ud83d\udea8 Chase Bank just banned crypto <a href=\"https:\/\/t.co\/prbWNKrG0G\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/prbWNKrG0G<\/a><\/p>&mdash; Interstellar (@InterstellarBit) <a href=\"https:\/\/twitter.com\/InterstellarBit\/status\/1706644130842169517?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">September 26, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Some JPMorgan&#8217;s Chase customers expressed dissatisfaction upon receiving the news about the upcoming restrictions. Many users took to social media to voice their concerns, suggesting that these measures were overly restrictive and impeded their freedom to use cryptocurrency. Some critics likened the restrictions to banning computers because fraudsters use them, with one Bitcoin enthusiast humorously suggesting a return to pen and paper.<\/p>\n\n\n\n<p><strong>Read more: <\/strong><a href=\"https:\/\/coinwire.com\/fomc-keeps-crypto-market-calm-to-keep-interest-rates\/\" target=\"_blank\" rel=\"noreferrer noopener\">FOMC Keeps Crypto Market Calm as It Maintains Interest Rates<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Chase Bank&#8217;s decision to restrict cryptocurrency transactions in the United Kingdom, set to take effect on October 16th, is a response to the increasing incidents of crypto-related fraud and scams. Despite mixed reactions from customers who feel that their crypto freedom is being curtailed, Chase maintains that these measures are essential to protect its customers and their finances. With a user base exceeding 50 million worldwide, these restrictions will impact approximately 2% of its total users, primarily in the U.K., where the user base will reach 1 million by September 2022. Chase&#8217;s priority remains the safety and security of its customers in an evolving digital financial landscape.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><em><strong><a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMMSMxQsw56fcAw\" data-type=\"URL\" data-id=\"https:\/\/news.google.com\/publications\/CAAqBwgKMMSMxQsw56fcAw\" rel=\"nofollow noopener\" target=\"_blank\">Follow CoinWire on Google News<\/a><\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chase Bank, a subsidiary of JPMorgan Chase, is set to impose restrictions on cryptocurrency-related transactions for its customers in the United Kingdom starting October 16th. This decision comes in response [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":46530,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[302],"tags":[263,446,455],"acf":[],"_links":{"self":[{"href":"https:\/\/coinwire.com\/wp-json\/wp\/v2\/posts\/46526"}],"collection":[{"href":"https:\/\/coinwire.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinwire.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinwire.com\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinwire.com\/wp-json\/wp\/v2\/comments?post=46526"}],"version-history":[{"count":2,"href":"https:\/\/coinwire.com\/wp-json\/wp\/v2\/posts\/46526\/revisions"}],"predecessor-version":[{"id":46532,"href":"https:\/\/coinwire.com\/wp-json\/wp\/v2\/posts\/46526\/revisions\/46532"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinwire.com\/wp-json\/wp\/v2\/media\/46530"}],"wp:attachment":[{"href":"https:\/\/coinwire.com\/wp-json\/wp\/v2\/media?parent=46526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinwire.com\/wp-json\/wp\/v2\/categories?post=46526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinwire.com\/wp-json\/wp\/v2\/tags?post=46526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}