Some of the world’s largest banks announced on Friday that customers are now prohibited from buying cryptocurrencies with credit cards, citing market volatility. Per CNBC, J.P. Morgan Chase, Bank of America, and Citigroup all announced the new restrictions as the price of Bitcoin plummeted to below $8,000 on Friday, less than half of the high of over $19,000 it hit in mid-December.
“At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved,” a Chase spokesperson told CNBC. “We will review the issue as the market evolves.”
Capital One banned credit card purchases of cryptocurrencies last month, and Discover has had a ban in effect since 2015. Per Bloomberg, the bans are designed to prevent customers from making hugely risky purchases on their credit lines or scammers from buying cryptocurrency and disappearing:
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