Chase Bank New Policy On Crypto - Users Beware !!!

[Bitstar_coin]

"Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with $2.6 trillion in assets and operations worldwide".
Chase Bank


Image source - X

According to this new policy they are only trying to protect customers from scam and fraudsters.
Do you believe this is the case or they have interior motives behind it to suppress crypto access?

[Tytanowy Janusz]

Do you believe this is the case or they have interior motives behind it to suppress crypto access?

This is one of those pieces of news that usually appears at the bottom of the bear market to scare away the remaining investors who are still on the market. If they cared about customer safety, they would have introduced such a block when bitcoin was at $60k and most altcoins were at 10x the current price.

[DVlog]

There can be regulatory pressure or their anti crypto policy that makes them take this kind of action. I think its normal to see this kind of negative news especially in the bear market but these same authorities will make positive statements in the bull market.

This type of news might frighten some people but it motivates me to make more investments in crypto because it shows crypto that they are in fear that it will shut down their business one day. People will be their own bank.

[knowngunman]

This is not new here in my side, although the case is similar but not entirely the same. Unless, newbies who are new to crypto currency and know nothing about the government and banks regulations on crypto, it's totally not advisable to include any bitcoin related word or remark while dealing with bank else your account with tagged and freeze for investigation. The difference here is that, in your Screenshot, the person might end up losing the money while in my country's case, the might end up losing his or her freedom. The confusing thing here in that notice is how they're relating crypto to fraud or scam. Any rational behind that assertion?

[Despairo]

This is why Bitcoin was created, to eliminate third party intermediary, but most of people still not aware about it and don't care to link their Bitcoin to centralized exchanges or banks.

There are some trusted no KYC P2P and DEX can be used, no need to worry if your country, banks and any other centralized entity are changing their laws about Bitcoin because you will not get affected.

[Yamane_Keto]

Do you expect a financial and banking services company to encourage investment in Bitcoin? They will not do so, and if they notice that there is a high demand from customers, they will create an investment portfolio related to Bitcoin, and they must have the appropriate motive, which is to protect customers’ money from scammers. this investment portfolio will be centralized and you will not be allowed to withdraw funds.

I began to be optimistic about the price, as this news always appears at the end of the downward curve, and in how many months such news will disappear, to be replaced by real positive news and exaggerated positive news (as confirmation of the end of the upward curve).

[DeathAngel]

Many banks are limiting or outright ruling out buying cryptocurrency via their platform. They cite that it’s to protect investors from fraud & scams but really, it’s likely that they just want to stop the crypto on ramp. They do not want people moving their funds from the bank because it might make the bank insolvent if enough people try to do it. We will see this a lot I think over the next few years. Any bank that tries to control how you spend your hard earned money is not worthy of your business.

[KiaKia]

I read a news this morning that an important figure ( US Law makers ) in the world is trying to force the SEC to start approving Bitcoin ETFs immediately, I don't know how true this news is and don't bother asking for a link to the news because I don't have it anymore, I do read this news from OP again this morning and I was like, what is going on?


One thing is sure though, I have been here longer enough to know how crypto bear market always feels like, I won't be manipulated by these news, either good or bad I am ready to stand my ground, they are doing this to kill the little courage left on some holders, if you fall for it that's on you.

The fear index is showing 39/100 this morning, it is not enough for them, maybe Bitcoin will dip down to 20,000 we don't know but it's better to avoid these news and focus on if the dips happen will I be able to DCA into Bitcoin again? You will do good if you prepare for any possible future events, it's way better than letting news affect you.

[mvdheuvel1983]

I don't see anything bad here. They are doing what banks and the financial institutions do. We in the Bitcoin community should do what we need to do which is to boycott them.

There are more people scammed using the US dollar that Bitcoin but that is of no concern to them. Whatever it is the true believers know that they are doing this because they cannot control Bitcoin.

[Helena Yu]

I don't see anything bad here. They are doing what banks and the financial institutions do. We in the Bitcoin community should do what we need to do which is to boycott them.

No need to boycott them, I mean what can you expect from centralized entity where they are allowed to change their rule or law everyday when they want? What should people do is don't use banks anymore and choose the other asset to store their wealth, only use fiat to buy something in the country because we have no other way.

As long as people don't use banks anymore, they will bankrupt.

[Broly46]

It is baffling to see major global banking giant taking seriously on crypto! I means their tone has been totally opposite just a few years ago, and for them to take care on something just invented fourteen years ago? Why can't the bank just leave the crypto alone, it is daunting having to listen to the bank opinion on bitcoin with new narrative every few weeks in a year, collecting stamp, bubble, now protecting user from scammer, I doubt so...

[Lucius]

~snip~
As long as people don't use banks anymore, they will bankrupt.

If only it were that simple, but in most developed countries everyone who is employed and receives a salary or pension must have a bank account. Besides, how will you get a loan if you don't have a bank account? Here, where I live, I guess 90% of people have some kind of loan from the bank, whether it's because they bought a house, an apartment or a car that way.

Banks will not disappear just like that, because regardless of the existence of Bitcoin, it is still only one alternative that has been accepted by very few people if we take into account global data.


As for the policies of banks towards clients who invest in cryptocurrencies, this is nothing new, because not all banks are equal when it comes to this - and we have already seen many times that they often know to change their rules. If we just look back and remember Jamie Dimon and his views on Bitcoin, then it is clear that these are very fickle people who think one thing today and another tomorrow.

But as already mentioned, it is possible that they are just playing a double game and trying to scare their clients and cause a price drop - although I doubt that they will succeed.

[Peanutswar]

Based on their statement they would like to support the use of crypto I guess to gain a number of investors and users to their platform they think it will be crypto-friendly but at there's a possible freeze of the account, based on their announcement they will not take back your money if they will detect as fraud so in that case if you make a transaction in other wallets possible they will tag your account or make a large transaction better they must need to clarify their announcement I guess its related to the gambling casino, so for me id rather use my crypto convert to fiat to make it safe than risky my asset with this.

[kingvirtus09]

Clearly, there is a genuine reason for trying to send that message. This demonstrates that the use of crypto assets cannot be trusted, hence people's trust will go to banks. This is the only straightforward reasoning I see in other banks, particularly the one you demonstrated to OP.

Of course, many individuals are becoming aware of Bitcoin, or digital currency, at this moment. That is why other institutions continue to just attack cryptocurrencies in practice. To be honest, such concerns are nothing new to us. The beauty and domination of Bitcoin and cryptocurrencies will continue in the future.

[tjtonmoy]

According to this new policy they are only trying to protect customers from scam and fraudsters.
Do you believe this is the case or they have interior motives behind it to suppress crypto access?

Protect customers my ass. It's my money so let me use it the way I want. This is the problem with every bank. As long as they are dealing with something they can control, they are happy. The moment you choose something that they have no control over, they will flip. And as this is in the US, I don't think customer protection is the main concern here. There have been many non-crypto-related scams before, what have they done about that? Nothing.

They want to suppress cryptocurrency or more specifically Bitcoin. They have no control over Bitcoin and that makes them scared. They can't control people like they used to do with traditional money. So they will go after Bitcoin with everything they have up their sleeve. Don't be surprised if they do. That has been their plan for ages. Slowly but surely they will come after everything related to Bitcoin.

[Ucy]

Well, the agenda is to discourage people from using cryptocurrency as it is. They will try to give whoever tries to embrace cryptocurrency the impression that is a scam to discourage them from embracing it. Then get the governments to control it or only accept those it they can control since it is very useful .    If the one who controls the world needs to enslave people or have them depend on him,  he introduces some diseases and sell them the cure/drugs. Or fill their community with thieves and get them surveil themselves with devices they control.  This is basically how the World is made to enslave itself or lose its freedom

The scammers & fraudsters mostly attack their victims via centralized space and technology. They can be stopped but are allowed until the goal of the architect is achieved. The one who controls the world actually uses them to achieve his goal.

One of the ways the scammers (which include non-humans) attack is to monitor the online and offline world for people interested in cryptocurrency. Then they spam them with scams that can make the victims lose money. It may interest you to know that they monitor their victims through the tech built by ad companies like Google to know their interest, by for example, listening to their conversations on the internet and in real world. It's a very sophisticated surveillance system that is spread across the world. And is part of the Matrix.

In the future we hope to use decentralized solutions to minimize the issue. One the solutions is to get people transact more with reputable and/or verified anonymous users in Crypto space. It also will be possible to tag scam transactions/addresses/coins (with proofs of scams) on True Cryptocurrency like Bitcoin so people don't accept them.

[avikz]

I just read it today and really not happy about it. It's an open threat to the people which says we will decline your transaction if we suspect you are dealing in cryptocurrency and we will not return the money to you.

I mean it truly reflects the personality of what Banking system really is. It shows how unethical the banking system can be. I mean what better you can expect from Jemie!

[m2017]

~snip
According to this new policy they are only trying to protect customers from scam and fraudsters.
Do you believe this is the case or they have interior motives behind it to suppress crypto access?

They always hide behind a customer care policy. They will submit any changes in the conditions for the provision of services aimed at limiting the freedoms and opportunities of clients under this plausible pretext. Why do they even care how customers spend their money (whether they buy crypto or not)? Why do they mind their own business? If bank clients don't have the right to fully manage their money, then can they even be called owners?

These banks are not fighting any scammers, but are fighting with their clients for the right to completely own and manage their financial assets, enriching themselves at their expense.

[Fortify]

"Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with $2.6 trillion in assets and operations worldwide".

According to this new policy they are only trying to protect customers from scam and fraudsters.
Do you believe this is the case or they have interior motives behind it to suppress crypto access?

It's surprising that it has taken them so long to enact this sort of policy change, because crypto has now been around for 15 years roughly. This could have a damaging effect on crypto if many more banks start enforcing this type of policy, because at the end of the day many people need the liquidity of being able to convert to fiat currency and that is one of the biggest benefits required for it to be successful. I wonder if they got wind of some regulatory changes that could be coming up, or they're tired of not being able to squeeze more out of their customers who are transferring funds around without the obscene fees that these banks charge. However there will be a small percentage of customers who are falling for scams and it's impossible to get the money returned compared to regular banking networks.

[coolcoinz]

"Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co.

Is this really their US branch? I've read this news 2 days ago and they were clearly saying that it's Chase UK that sent this information to clients.

LONDON, Sept 26 (Reuters) - JPMorgan's (JPM.N) British retail bank Chase will ban crypto transactions made by customers from Oct. 16 due to an increase in fraud and scams, the company said on Tuesday.
https://www.reuters.com/technology/jpmorgans-uk-bank-chase-ban-crypto-transactions-2023-09-26/

If I were in the UK and had my money in that bank, I'd use my power to vote them out, meaning I'd move to another bank. It's funny how sure of themselves they are by saying if you want bitcoin you can try with another bank. Try? I don't have to try you MOFOs! 90% of banks in the world will allow me to do it.