Report: Bank of America, JP Morgan Ban Credit Crypto Purchases

Bank of America and JPMorgan Chase will
reportedly no longer enable customers to
purchase bitcoin with credit cards starting in
February, reports say.
Revealed today in a Bloomberg report ,
JPMorgan is expected to start its ban on Feb.
3 due to concerns about the credit risk of
those who make purchases through their
cards. Bank of America is said to be launching
its ban on Feb. 2, when transactions with
known cryptocurrency exchanges will begin to
be declined.
The Bank of America ban is limited to credit
cards, and will not impact customers who wish
to purchase cryptocurrencies using debit or
ATM cards, according to the news source.
Bloomberg further reported that the Bank of
America cited anti-money laundering
regulations for the move, as well as the
potential for thieves to convert stolen credit
cards into cryptocurrency stashes.
Like JPMorgan, Bank of America is also
concerned with the idea customers can
purchase more cryptocurrency than they can
afford. Other banks have purportedly moved
to increase charges for crypto transactions in
recent weeks.
Stepping back, move coincides with a broader
discussion among financial firms about how
their businesses are being impacted by the
cryptocurrency economy, which after growing
by leaps and bounds in 2017, has seen a
sizable market drawdown so far this year.