Bank of America and JPMorgan are not allowed to use credit cards to buy cryptocurrencies

nRunaway Comment: Since its inception, the cryptocurrency market has undergone tremendous fluctuations. As an investment method, it is extremely unstable. But its huge gains continue to attract people. With the gradual expansion of the market, the impact on the financial markets can not be ignored. It is reported that in order to prevent credit risk brought by investment fanatics, Bank of America and JP Morgan have announced that they will start banning customers from using encrypted credit cards to buy encrypted currencies in February. Of course, debit cards and so on will not be affected. May help to rationalize the currency investment.n
nTranslation: Annie_Xun
According to reports, since February, Bank of America and JPMorgan Chase will no longer support consumers buying cryptocurrencies on credit cards.n
Bloomberg reports that JPMorgan will impose a ban on February 3 due to concerns about credit risk associated with customers using credit cards to purchase cryptocurrencies. Allegedly, Bank of America’s implementation date is February 2, when it will refuse to trade with mainstream cryptocurrencies.n
Bank of America bans are limited to credit cards and do not affect customers who buy with debit or ATM cards.n
Bloomberg reports further that the reason for the move is that U.S. banks cite anti-money-laundering regulations and credit card thieves may be able to convert them to cryptocurrencies for storage.n
Like JPMorgan, Bank of America also fears customers buy cryptocurrencies beyond their personal capacity. Allegedly in recent weeks, other banks also increased encryption currency transaction charges.n
This move reminded us of the past, 2017 cryptocurrency economy rose sharply this year, the market a large-scale callback. Financial institutions are also starting to explore the impact of cryptocurrency on the company’s business.n

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