No More Crypto Payment By Chase Bank to Crypto Users in the UK: What's Next?
Chase Bank, one of the largest banks in the United Kingdom, has announced that it will be banning crypto payments for its UK customers. The ban is expected to come into effect on October 16th.
The bank's decision has been met with mixed reactions from the crypto users of that region. Some critics have accused Chase of being out of concern with the changing landscape of finance, while others have welcomed the move as a sign of increasing mainstream acceptance of cryptocurrencies.
The reasons for Chase's decision are not yet clear, but it is likely due to a combination of factors, including the risks associated with cryptocurrencies, such as volatility and fraud, and the lack of regulation in the UK.
The ban on crypto payments by Chase Bank is likely to have a significant impact on UK crypto users, hence the need to plan ahead and have the solution at hand. Currently, here is an option I know of:
•Using a cryptocurrency exchange that offers its own payment processing services. This would allow users to buy and sell cryptocurrencies without having to use a bank account, this is mostly seen in P2P transactions.
If you are a UK resident who is planning to buy or sell cryptocurrencies, it is important to do your research and choose a reputable platform. If you know of any alternative, you can share so we can learn.
https://coinpedia.org/news/chase-bank-takes-a-stance-no-more-crypto-payments-for-uk-clients/amp/
Reasons for this action is attributed to the increased cases of hacks and fraud. That's understandable but also there are ways it can be addressed which include strict KYC policy for customers. Anyways, for UK users there are alternatives to Chase Bank especially considering the fact that some exchanges offer P2P services that involves exchange of fiats and crypto assets between only the 2 parties. Examples of such platforms are Okx and Bitget