As of February, those looking to purchase bitcoins through their Bank of America and JPMorgan Chase credit cards may no longer do so. In a report from Bloomberg, it was stated that the bans were mainly due to the banks’ concerns regarding the credit risk of for those making the purchase. Any transactions attempted to be made will simply be declined. However, the ban is only limited to the use of credit cards, so those buying through debit or ATM cards should still be able to do so.
Bank of America has also pointed to the anti-money laundering regulations as justification for the ban, as well as threat of stolen credit cards being potentially converted into stashes of cryptocurrency. And same as with JPMorgan’s concerns, they are also wary of having clients invest in more cryptocurrency than they can actually afford.
Meanwhile, other banks have reportedly been increasing charges for crypto transactions.