The British division of the large bank Chase, part of the transnational financial holding JPMorgan, announced a ban on transactions on crypto platforms from October 16.

The reason for this decision was the risks of fraud in the cryptocurrency sector and the desire to protect investors. When attempting to send funds to crypto platforms, the user will receive a notification that the transaction is related to cryptocurrencies.

“We are seeing an increase in cryptocurrency scams targeting UK consumers. Therefore, we have decided to prohibit the purchase of crypto assets using Chase debit cards, or the transfer of money to cryptocurrency-related sites from accounts on our platform,” a bank representative told Reuters.

Note that the Chase mobile application was launched in the United Kingdom two years ago and attracted over 1.6 million users.

Previously, it has been repeatedly reported that British financial institutions are blocking and limiting transfers to cryptocurrency platforms. Thus, in June, the digital bank Nomo Bank began blocking transfers to Binance. In March, NatWest Bank introduced restrictions for its clients who make cryptocurrency payments on exchanges.