Report: Bank of America, JP Morgan Ban Credit Crypto Purchases
Bank of America & JPMorgan Chase will no
longer allow customers to purchase bitcoin with credit cards starting in February, reports say. According to a Bloomberg report the ban is due to concerns about the credit risk of those who make purchases through their cards. The Bank of America ban is limited to credit cards, and will not impact customers who wish to purchase cryptocurrencies using debit or ATM cards. Bloomberg further reported that Bank of America cited anti-money laundering regulations for the move, as well as the potential for thieves to convert stolen credit cards into cryptocurrency stashes.