The largest UK bank banned credit cards from buying cryptocurrencies

nBankruptcy comment: This year, the cryptocurrency market plummeted, in order to prevent credit risk, JP Morgan Chase, Bank of America and Citibank have banned customers to buy encrypted currency using a credit card. The Lloyds Banking Group, the largest bank in the United Kingdom, followed suit by announcing the same policy, using a blacklist of crypto-currency sellers. However, similar to these banks, debit card purchases are not prohibited.n
nTranslation: Annie_Xun
On February 5, the Daily Telegraph reported that the UK’s largest bank, Lloyds Banking Group, banned customers from buying cryptocurrencies on credit cards and was the first major credit card issuer in the country to take the measure.n
Just the day before, JP Morgan Chase, Bank of America and Citibank also took similar decisions to ban customers from buying encrypted currency on credit cards.n
Members of the Lloyds Banking Group include Halifax, Bank of Scotland and MBNA, which allowed 9 million bank customers unable to purchase cryptocurrencies using credit cards and marked cryptocurrencies with an online blacklist Seller However, Lloyd’s customers can still use the debit card to buy.n
The bitcoin market plunged this week, continuing to plummet to the current level of $ 8,000 in the past few days, prompting the decision to ban credit card purchases. Lloyd said clients may accumulate large amounts of credit-card debt if market prices continue to decline, and the ban will “protect customers.”n

Leave a Reply

Your email address will not be published. Required fields are marked *