On Friday, Feb 2, 2018, Citibank, JP Morgan Chase, and Bank of America banned all purchases of cryptocurrency using their credit cards. The news comes as bitcoin and other cryptocurrencies have more than halved in value from an all-time high just 1 month ago. Bitcoin rallied over 2,000% in just 1 year to reach their all-time high. Now, Bitcoin is hovering around the $9,300 USD range.
“At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved,” a J.P. Morgan Chase spokesperson said in a statement.
Bank of America also said in an email that the bank has decided to decline credit card purchases of cryptocurrencies.
Citigroup said in a statement that “We have made the decision to no longer permit credit card purchases of cryptocurrency. We will continue to review our policy as this market evolves.”
Just recently, Capital One said it has decided to ban cryptocurrency purchases with its cards. Discover Financial Services has prohibited cryptocurrency purchases with its credit cards since 2015.