JPMorgan & Bank of America BAN Cryptocurrency Purchases
About 10 minutes ago JPM & BAML announced they'll be putting a stop to consumers buying crypto on their credit cards to avoid credit risk with the values of crypto declining and being so volatile. Citi is also apparently reviewing their plan of action at the moment; I expect they'll follow suit..
A growing number of big U.S. credit-card issuers are deciding they don’t want to finance a falling knife.JPMorgan Chase & Co. and Bank of America Corp., the nation’s two largest banks, said they’re halting purchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan, which will implement the ban Saturday, doesn’t want the credit risk associated with the transactions, said Mary Jane Rogers, a spokeswoman for the firm.
Bank of America told staff in a memo that it will start declining credit card transactions with known crypto exchanges today. The policy applies to all personal and business credit cards issued by the bank. The move doesn’t affect debit cards, according to Betty Riess, a spokeswoman for the Charlotte, North Carolina-based lender.
About time.. I've been watching too many dumbasses max out their credit cards, even using mortgages to buy crypto. My professor told me he knows someone personally who maxed out their credit card on BTC @ 19k, and now has a LOT on their mind. Where do you see crypto at the end of 2018?
![JP & BAML Ban Cryptocurrency Transactions on Credit Cards](img src="/files/styles/w800/public/inline/images/screen_shot_2018-02-02_at_3.49.51_pm.png?itok=-aCvwJ-n" alt){kind=link}
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