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posted by Fnord666 on Sunday February 04 2018, @10:34PM   Printer-friendly
from the too-much-risk dept.

Submitted via IRC for TheMightyBuzzard

A growing number of big U.S. credit-card issuers are deciding they don't want to finance a falling knife.

JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. said they're halting purchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan, enacting the ban Saturday, doesn't want the credit risk associated with the transactions, company spokeswoman Mary Jane Rogers said.

Bank of America started declining credit card transactions with known crypto exchanges on Friday. The policy applies to all personal and business credit cards, according to a memo. It doesn't affect debit cards, said company spokeswoman Betty Riess.

And late Friday, Citigroup said it too will halt purchases of cryptocurrencies on its credit cards. "We will continue to review our policy as this market evolves," company spokeswoman Jennifer Bombardier said.

Source: https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards


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  • (Score: 2) by MichaelDavidCrawford on Monday February 05 2018, @06:51AM

    by MichaelDavidCrawford (2339) Subscriber Badge <mdcrawford@gmail.com> on Monday February 05 2018, @06:51AM (#633170) Homepage Journal

    I tried four time with two separate cards to send just sixty dollars to Coinbase.

    The payment was instantly declined.

    Most of the time when I make an unusual payment I will soon receive a robo-call that enables me to confirm or deny whether that was my own authorized transaction. But I didn't get the call.

    A couple days later I asked a teller about that. He called their security department, they told him they don't approve Coinbase payments "because there is a high potential for fraud".

    Of all the exchanges I am completely convinced that Coinbase has the very least such potential. They carry what must be a very costly insurance policy that covers all their cryptocurrencies against security failures. Their US Dollar wallets are kept in bank trustee accounts that are FDIC insured.

    And they're backed by venture funding.

    Oddly my credit union is completely cool with Coinbase withdrawing my ill-gotten loot with Electronic Funds Transfers. I expected they wouldn't permit EFTs at first to I transferred at first $1,000, then $2,000 then $4,000 and all three were copacetically approved.

    I at one time had an unrealized profit of four thousand dollars. That was quite cool I could buy a good-quality used car with money that I got by asking a magic lantern's genie to fulfill a wish, but no I held onto it.

    As of last night I have an unrealized loss of seventy-five dollars.

    I made three grand when I sold the NGC's that I bought during NAGA's ico, but then I quite cluelessly bought more NGC after I figured the price had gone as far down as it was ever likely to go, then to only too late discover that NGC kept going down.

    I bought three other ICOs that I expect will work out well, but that I expect I should hang onto for at least a year before I sell them.

    --
    Yes I Have No Bananas. [gofundme.com]
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