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

[Lucius]

@coolcoinz, thanks for the link that the OP didn't post, and now some things are much clearer considering that it's about the UK. It is evident from the article that it is not the first bank to make such a move, although some banks have only limited the amounts that clients can spend on a daily or monthly basis when it comes to cryptocurrencies.

I already wrote before that I can understand why banks decide to take such steps, because no matter how bad I think about banks, the fact is that a very large number of people invest in various scam projects, and then complain to the banks and try to return the money. Therefore, sometimes it makes sense to protect people from themselves, although I would do it in a different way.

I think that banks should educate their customers on this matter, and with every transaction that they consider to include cryptocurrencies there should be an additional warning about the risk that may arise from such a transaction. Of course, it is much easier to ban everyone from such transactions, but not everyone is equally naive and should be able to dispose of their money without restrictions.

[hyudien]

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?

The motive behind a policy is always there and if the public knows the general picture it doesn't mean it's finished. Other agendas are clearly very supportive, but if they are linked to suppressing crypto access, I don't know for sure. A JPMorgan class of company will not always be supervised by its owner, it could be that this is just an agenda to gain profits in the midst of a world economy that is currently in chaos, especially perhaps because freedom of ownership of assets is becoming increasingly unstoppable so that to minimize instability everything must be done.

[yhiaali3]

It is clear that this is due to regulatory pressure and the United States’ hostile policy towards crypto. Banks do not have to confront the government, so they prefer to stay away from everything related to crypto.

The argument of “protecting customers from scams and fraudsters” is an empty argument that banks and the government always use to justify their hostility and hard-line policy towards crypto.

In any case, there is some positive news that could revive the market, as there was a congressional meeting yesterday with the head of the Securities Commission, and it seems that they have brought charges against him, and there are rumors about the possibility of his removal. If these rumors are true, they may relieve the pressure on Crypto and create some positivity.

[Bitstar_coin]

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!

Yeah sounds more like a threat than the so-called protection they claim they want to provide the gullible customers. if you are about protecting your customers why then would you not refund the money with a warning or perhaps an explanation why such a transaction should not be carried out. it is no longer news that banks are against anything crypto, control and unnecessary imposition is their motto.
Now that they have made it public, it is better for most of their customers who are dealing in crypto to stop banking with them. I believe there are better alternatives.

I already wrote before that I can understand why banks decide to take such steps, because no matter how bad I think about banks, the fact is that a very large number of people invest in various scam projects, and then complain to the banks and try to return the money. Therefore, sometimes it makes sense to protect people from themselves, although I would do it in a different way.

You made a valid point. I believe proper terms & conditions for any crypto transaction would suffice rather than what looks like a threat. It is true that many innocent users often fall victim to scams and fraudulent investments and as a result hope to get a refund from the bank probably because the transaction was made through the bank. But like you said, they would have approached such issues differently so as not to sound like declaring war against all crypto transactions with their bank.

[el kaka22]

In most of the cases a private bank that can do whatever they want. They do not have to accept anything like this, they could do whatever they want and this is within their rights. I may love bitcoin more than I love any other currency but that doesn't mean that we are not going to see the banks being forced to accept it, if they prefer not to accept it then that is their decision.

This could be even worse for them than anyone else, because it means that they are going to miss out on some customers and I believe that is a bad thing for them. I get that it may not be all that great but that is even worse for them than customers. We should let the banks decide what they want to do with it and not pressure them into anything they do not want to do.

[vv181]

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.

Yeah sounds more like a threat than the so-called protection they claim they want to provide the gullible customers. if you are about protecting your customers why then would you not refund the money with a warning or perhaps an explanation why such a transaction should not be carried out. it is no longer news that banks are against anything crypto, control and unnecessary imposition is their motto.

Which part did they state they will not return any money concerning crypto transactions? There isn't any!

The bolded part on OP is crystal clear. They do not accept payment related to cryptocurrency, if some customers want to do so, they are free to choose another bank, with a caveat if the transaction is related to scam and fraud. Which is completely reasonable.

Banks are diverse enough, that the competition is widespread. Some are okay with cryptocurrency, some are not. They are free to choose any decision that affirm their reasoning, just remember that it is known that some entity that weren't accept cryptocurrency, in the future are welcoming its adoption.

[Iroh]

They’re free to take away services that is primarily not in their best interests. While there’s a righteous concern for these types of fraudulent transactions, they’re probably more worried about the heat and negative PR they get from ignorant customers who after realizing there’s not going to be a refund, gets angry and frustrated at the bank. Whatever their reasons may be, they’re still free to introduce and stop any service they deem necessary.
Not to worry though as they’re probably still going to be accepting payments to scammy projects with fiat.

[so98nn]

That's actually excellent news since we can now rely on p2p transfers rather than involving third parties in between. Imagine if everyone started to think this way then we will also have more peers joining the quest and thus making the transactions directly from wallet to wallet in the form of Bitcoin. I remember initially when this type of transfer was in boom. However, as prices increased for bitcoin things got turned into a business model. Then came the exchangers, then the third-party escrows, and now we are again on the verge of breaking this chain. All those regulatory embankments are nothing but threats to a decentralized world. It is important to note that whatever this trillion-dollar bank says, we still have a small merchant-backed business and banks or more preferably middle ways to buy and sell bitcoin. But good to know they are scared so much that they need to follow government decisions. Thats the pity of centralized work environment.

[serveria.com]

I have been here longer enough to know how crypto bear market always feels like

as this news always appears at the end of the downward curve

I think its normal to see this kind of negative news especially in the bear market

I'm just not sure why many people think we're in a bear market? Guys, take a look at the graphs of each and every previous cycle. There were no major dumps roughly 6 months before the halving. You seriously think we're going below 13 or 14k during this cycle?

[panganib999]

Kinda weird that they're doing this at the end stretch of the bear market. What are they trying to do? Cull the meek? LOL. Why issue a ban like this when you could've gone and done so years prior when bitcoin was still at its hayday? It's a little counterintuitive to stop "scammers and hackers" now that they have pretty much mellowed down when they are practically spawning like maggots years ago. I know this could come from the anti-crypto campaign that SEC and effectively all of US is under right now, and I guess it just makes sense at surface level to ban the use of cryptocurrencies in your banking institution and then lifting it once the SEC approves of it in the future, but knowing JP morgan and chase they are probably just outright hating on cryptocurrencies now lol.

[Darker45]

It is clear that this is due to regulatory pressure and the United States’ hostile policy towards crypto. Banks do not have to confront the government, so they prefer to stay away from everything related to crypto.

... I know this could come from the anti-crypto campaign that SEC and effectively all of US is under right now, and I guess it just makes sense at surface level to ban the use of cryptocurrencies in your banking institution and then lifting it once the SEC approves of it in the future, but knowing JP morgan and chase they are probably just outright hating on cryptocurrencies now lol.

I don't think this has something to do with the US government or the SEC. The headline is a little misleading. If I'm not mistaken, this isn't a policy that covers all Chase banks. This is only implemented by Chase UK. The ban, therefore, is exclusive to its British customers.

I think there isn't a general order to all Chase bank branches all over the 100 countries in the world where the bank has a presence that their customers will be prohibited from making transactions related to crypto.

On another note, it's ironic that the bank's tagline is "Helping you make the most of your money." How about you give your clients a little freedom over their own money?

[adaseb]

This I think is from Chase UK but I wouldn’t be surprised if it was from USA also. Not really surprised, it was like this for years. Generally the big banks don’t like to deal with crypto. You got to use the smaller banks and you won’t have issues.

At least they warned this customer and just denied the transaction, in many cases in the past the account ended up being closed if they made any crypto transactions so at least that is good.

[yhiaali3]

I don't think this has something to do with the US government or the SEC. The headline is a little misleading. If I'm not mistaken, this isn't a policy that covers all Chase banks. This is only implemented by Chase UK. The ban, therefore, is exclusive to its British customers.

Yes, as you say, the title is a bit misleading. While reading the topic, I thought that the bank was in America, but it became clear after reading the comments that this decision is specific to the UK only.

In any case, I believe that even if the bank is not located in the United States, all countries and banks adhere to the ban policy imposed by the United States, not only on crypto, but also on companies, countries, and individuals, as you know when the United States imposes sanctions on Cuba, Russia, or Iran every... Countries and banks adhere to the ban.

Same thing here in Crypto, since there is a strict policy by the US towards cryptocurrencies all the banks will be very careful about cryptocurrencies.

[gunhell16]

There are still many banks that do not recognize Bitcoin or cryptocurrency, so sometimes other cryptoenthusiasts who have personal accounts in banks no longer put large amounts of savings in their banks because of this type of policy.

Others are gradually pulling out their money because they are worried that at any moment the bank can freeze their account, which will make it difficult for them to get their money that they trusted in the bank. That's why the policy that banks follow is not new to us, actually.

[FanEagle]

Not really being a fan of crypto is something banks would be famous for if you ask me. It makes their entire point moot by just existing so they would of course hate it. It makes sense because they are getting less and less attention. What does a bank does to get your money? They ask you to put in your dollars and give you maybe %10 return if you are super lucky, and they make more with it.

Well, you can just put the money in bitcoin in your own wallet and you would make a bigger return overall, sure maybe not every year, but if you hold it long enough, you will. That's why it's quite important to make sure that banks make it as hard as it is for you to get it instead of helping you get some bitcoins using them.

[NotATether]

JP Morgan stands for fraud and cheating.

Even the original J. P. Morgan was a complete cheat, using underhand tactics to get all over the stock markets and screw everyone he didn't like.

The modern day JP Morgan is no different from the original in that regard, except now they do money laundering for cartels and terrorists. They still try to get rid of entities they don't like though. That's why you see all this crap about crypto on their site, because they are looking for an alternate future where they can be it's lord.

[Zlantann]

Yeah sounds more like a threat than the so-called protection they claim they want to provide the gullible customers. if you are about protecting your customers why then would you not refund the money with a warning or perhaps an explanation why such a transaction should not be carried out. it is no longer news that banks are against anything crypto, control and unnecessary imposition is their motto.
Now that they have made it public, it is better for most of their customers who are dealing in crypto to stop banking with them. I believe there are better alternatives.

The bank is not a charity organization that will just refund the losses customers incurred from crypto scams. Last year UK citizens lost about £306 million to crypto scams, so the bank might suffer financial problems if they try to refund funds lost to scams. The UK government has been hostile to crypto firms. This year many Bitcoin ATMs were closed by the government accusing the service providers of not getting the required license. Meanwhile, some of those ATMs have been operating for a long time. Policies like this will only give rise to underground or illegal crypto firms that will prey on greedy people. The only way to stop citizens from investing in these scam projects is through awareness. And the information might just be a simple message like "Invest only in Bitcoin".

[Adbitco]

I think what I noticed from their memo is that they are trying to reduce the rate at which cryptocurrency are being transacted among it's users, I think this is almost similar to our bank system are doing over here in my country. The truth is that they are jealous and they want people to reduce from cryptocurrency trading or payment being that it's mostly used for a larger amount of transactions instead of them using bank. Believe me or not the writer of that memo is a bitcoin holder and a trader, most of the workers over there had involved themselves one way or the other with bitcoin investment including other reputable altcoin and they are doing this to get ready for the next bull run.
Shame to them.

[tabas]

AFAIK, JPMorgan coming from hating Bitcoin/crypto to making their own coin and then being positive to the Bitcoin ETF applications. But if Chase bank is just part of their conglomerates then they have to implement it. With that decision and terms, it's nothing wrong for a bank to stop their customers purchase things related to crypto. If that's the policy that they've made but at least make that clear first to all of their customers that they're not going to give any refund for any customers found doing that. That's kind of a harsh policy but then, it is their company and they're the ones making it so customers just need to follow it. Well, there's that word about just use other banks if they want to purchase crypto. 

[arabspaceship123]

They've said they'll decline payments they think you're making to crypto assets. What they didn't say was what's going to happen if they receive payments to your account from they think are from crypto assets. If you're receiving money from exchanges what are Chase Bank going to do?

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?