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Chase Bank to Ban Crypto Payment for UK Customers.


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One of the biggest banks in the UK, Chase Bank, has said that it would no longer accept cryptocurrency payments from UK clients. On October 16th, the prohibition is anticipated to go into force.

The region's crypto users have reacted to the bank's move in a variety of ways. While some detractors have criticised Chase for acting without regard for how the financial environment is changing, others have applauded the decision as evidence of the growing acceptance of cryptocurrencies by the general public.

Chase's decision is unknown at this time, although it is most likely the result of a number of considerations, including the volatility and fraud risks connected with cryptocurrencies and the UK's lack of regulation.https://coinpedia.org/news/chase-bank-takes-a-stance-no-more-crypto-payments-for-uk-clients/amp/

Chase Bank's restriction on cryptocurrency payments is likely to have a big impact on UK cryptocurrency users, therefore it's important to prepare and have a backup plan in place. Here is a choice I am aware of right now:

• Making use of a cryptocurrency exchange with in-house payment processing capabilities. Users would thus be able to purchase and trade cryptocurrencies without the need for a bank account, which is mostly used in peer-to-peer (P2P) transactions.

If you live in the UK and want to buy or trade cryptocurrencies, you need do your homework and pick a reliable platform. Please share any alternatives you are aware of with us so we can learn.

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Reading through the news earlier on X.com, I really do not fault the reason behind their decision because of the risk of scam and fraud but on the other hand I felt what they should have done was to tighten their KYC policy and use a more secured main chain for transactions.

Anyways JP Morgan has always been an anti-crypto for a very long time so I never expect anything different. I just hope UK residents who are crypto enthusiasts realize there are several ways you can transact your crypto and fiat without Chase Bank and one of them is to use a P2P exchange like kucoin and Bitget

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On 26/09/2023 at 21:48, BashJasper said:

Reading through the news earlier on X.com, I really do not fault the reason behind their decision because of the risk of scam and fraud but on the other hand I felt what they should have done was to tighten their KYC policy and use a more secured main chain for transactions.

Anyways JP Morgan has always been an anti-crypto for a very long time so I never expect anything different. I just hope UK residents who are crypto enthusiasts realize there are several ways you can transact your crypto and fiat without Chase Bank and one of them is to use a P2P exchange like kucoin and Bitget

I do use kucoin & Bitget a lot & do find the latter handy due to their zero fee as well as other privileges when utilizing their P2P services. 

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