Banks Block Crypto Purchases via Credit Card

 

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Episode #5

Several banks in the US and the UK have officially announced that their customers will no longer be permitted to use their credit cards to make purchases of cryptocurrencies.

The institutions include:

  • Lloyds Banking Group (UK)
  • Virgin Money (UK)
  • JP Morgan Chase (USA)
  • Bank of America (USA)
  • Citigroup (USA)

However, this isn’t something totally new — and it certainly isn’t surprising… it’s risky business. Since 2015, Discover blocked the purchase of cryptocurrency with their credit cards.

At the moment, no banks have indicated plans to prevent the purchase of cryptocurrency with debit cards or directly from bank accounts via direct transfer.

Do you agree with this policy shift?

Do you think more banks will follow this trend?