Bank of America and JPMorgan have banned the use of credit cards for the purchase of cryptocurrency


Large US financial holdings of Bank of America and JPMorgan Chase began to reject payments for cryptocurrency, carried out by their customers using credit cards. This is reported by Bloomberg.

According to the publication, JPMorgan began to prohibit such transactions on February 3 because of “fears associated with credit risks.” Bank of America began a day earlier – transfers to exchange platforms have been declining since February 2.

It is noted that the ban of Bank of America applies exclusively to credit cards. Customers who wish to purchase digital assets using debit cards can still do so.

According to Bloomberg, the representative of Bank of America explained the decision “rules for combating money laundering, as well as the potential for converting stolen credit cards to cryptocurrencies.”

In addition, JPMorgan and Bank of America are concerned that customers can buy more cryptocurrency than they can afford. According to the publication, other banks are collecting or have already raised the commission for the purchase of digital assets.

Recall that in early January, the largest issuers of debit bitcoin-cards announced the closure of this product for non-residents of the United States, after Visa ordered to stop supporting the corresponding payments.

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