Major US Banks Prohibit Crypto Purchases With Credit Cards

February 4, 2018

Two of the major banking holdings of the United States, Bank of America and JPMorgan Chase have ceased to confirm payments for cryptocurrencies. Their customers can no longer make this kind of transactions with their credit cards. Such measures were taken due to concerns about possible credit risks. 

Bank of America banned these transactions since February 2, however this only affects credit card users, and holders of debit cards can still buy cryptocurrency with their card without any restrictions. A representative of the bank said that this policy was adopted for the purpose of fighting money laundering. Criminals steal credit cards and buy cryptocurrency with the remaining funds. 

Second banking holding, JPMorgan Chase, prohibited these transaction on February 3. Representatives of both banks were concerned, that some of the customers exceeded their financial capabilities when bought cryptocurrency.

It was later reported by Bloomberg, that yet another US bank, Citigroup has also adopted such a policy and banned these transactions for its users.

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