JPMorgan Chase and Bank of America have banned buying cryptocurrency using credit cards


The leading financial conglomerates in the USA J.P. Morgan Chase, Bank of America and Citigroup said they no longer allow their customers to buy cryptocurrency using credit cards.

“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 to CNBC. “We will review the issue as the market evolves.”

Citigroup shared a statement that it has “made the decision to no longer permit credit card purchases of cryptocurrency. We will continue to review our policy as this market evolves.”

Changes in the policy of financial companies have become a response to the extremely high volatility of the bitcoin price, which in the past few weeks has fallen from a level of $ 19,000 to $ 7,000.

Other cryptocurrencies also showed a decline in recent weeks, in some cases even higher than bitcoin.