Chase, Bank of America, and Citigroup All Ban Cryptocurrency Purchases on Credit Cards

Some of the world’s largest banks announced on Friday that customers are now prohibited from buying cryptocurrencies with credit cards, citing market volatility.

I saw a lot of hot takes on this across Twitter, but I actually agree that this was probably the right move from the banks from a risk management perspective. Crypto is super volatile and if individuals are buying it on credit and then seeing the market crash, could create meaningful default risk across a credit portfolio. 


Want to receive more content like this in your inbox?