UK Banks Crack Down on Crypto Transactions Amid Fraud Concerns

Chase UK is set to block crypto-related payments for its customers starting October 16, citing concerns over fraud and scams. The bank will decline any payments it deems to be related to crypto assets, urging customers to use alternative banks or providers for crypto investments. This move follows a trend among UK banks, which have been reluctant to offer services to the crypto industry due to concerns over fraudulent activities. The Financial Conduct Authority (FCA) has been facilitating discussions between banks and crypto firms to address this issue. Chase UK stated that the decision aims to protect customers from increasing crypto scams targeting UK consumers.