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Bitcoin Ban Expands Across Credit Cards as Big U.S. Banks Recoil

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

MrPlow writes:

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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Original Submission

• Not just the US...(Score: 4, Informative) by zocalo on Monday February 05 2018, @01:52AM

  by zocalo (302) on Monday February 05 2018, @01:52AM (#633105)

  Looks like Lloyds Banking Group, which includes Lloyds Bank, Bank of Scotland, Halifax and MBNA issued cards, has become the first of the UK banks to do the same [bbc.co.uk] and ban purchases on credit cards. I'd expect most - and probably all - of the other UK credit card issuers to follow suit in the next few days.

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  UNIX? They're not even circumcised! Savages!

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