Bank of America is reviewing policies that allow customers to buy bitcoin with credit cards.
Citigroup is also reviewing its policy, just as Capital One Financial earlier this month decided to prohibit cryptocurrency purchases.
J.P. Morgan Chase is still allowing customers to buy cryptocurrencies with their Chase credit cards, the bank told CNBC. The bank did not respond to a question about potential changes to that policy.
Friction is increasing between some credit card companies and customers who want to use the cards to buy cryptocurrencies.
Bank of America and Citigroup are reviewing policies that allow customers to buy bitcoin with credit cards. The reviews follow news about two weeks ago that Capital One Financial has decided to prohibit cryptocurrency purchases.
14 Jan
jaime fiallos
@jgf100
No more crypto currency transactions as of 1/12? Ok @CapitalOne that was basically my only reason for using your card on @coinbase
Capital One
✔
Hey there! We currently decline credit card purchases of cryptocurrency. We’ll continue evaluating our policy as this market evolves. ^TM
@AskCapitalOne
10:35 AM - Jan 14, 2018
7 7 Replies 4 4 Retweets likes
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Toronto-Dominion Bank subsidiary TD Bank also confirmed to CNBC that some bitcoin transactions aren't being processed, as a result of security measures. Discover Financial Services has effectively prohibited cryptocurrency purchases with its credit cards since 2015.
The Wall Street Journal first reported news of Bank of America's cryptocurrency review Thursday.
Money laundering appears to be a factor in the financial firms' concerns about dealing with cryptocurrencies. Discover CEO David Nelms said in a Bloomberg report Wednesday that financing purchases of cryptocurrencies creates headaches for banks that are required to monitor transactions for money laundering.
Earlier this month, Visa also ended its relationship with cryptocurrency card company WaveCrest, which allows people to convert their cryptocurrencies into cash loaded onto a prepaid card.
J.P. Morgan Chase is still allowing customers to buy cryptocurrencies with their Chase credit cards, the bank told CNBC. Chase did not respond to a question about potential changes to that policy.
https://www.cnbc.com/2018/01/25/bank-of-america-citigroup-reviewing-the-use-of-credit-cards-to-buy-bitcoin.html
thats terrible D:
then keep workin here on steemit seems a little bit better every day, isnt it? or the steemit coin is gonna have problems too? what do you think?
Why does it have problems. It’s honestly one of the only cryptocurrenies that has working utlity - we’re using steem, steem dollars and steem power everyday. That’s proof of utility unlike coins like tron that are on paper right now
yeah pretty much
war vs banks is on progress.....
Ok so are they gonna restrict buying gold with your credit card, whats next restrict jewelry purchases???
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