Plod UK, the British retail banking subsidiary of JPMorgan, will bar its customers from making any crypto transactions from next month onwards.

In a Tuesday e-mail to purchasers, reported by the Connected Press, the financial institution stated it can decline any transactions made by debit card, credit card or financial institution switch linked to crypto resources.

“If you’d mute devour to spend money on crypto resources, you might perchance well well be ready to try the exhaust of a particular financial institution or provider as an change — but please be cautious, as you might perchance well well no longer be ready to fetch the cash lend a hand if the fee finally ends up being linked to fraud or a scam,” read the message to purchasers.

A spokesperson for the financial institution told AP that the resolution used to be motivated by the financial institution’s deserve to preserve buyer cash stable, pointing to an amplify in crypto fraud-linked losses reported by UK regulators in 2022.

Plod joins Britain’s Natwest in limiting crypto transactions on the lend a hand of statements from the nation’s regulators. Earlier this year, Natwest imposed a on daily basis limit of 1,000 kilos and a monthly limit of 5,000 kilos that customers might well switch to crypto exchanges, as fragment of its measures to give protection to purchasers from “crypto-criminals.”

Final year, the UK subsidiary of Santander stated it can block customers from sending proper-time payments to crypto exchanges for the equal reasons one day this year.

Coinbase CEO Brian Armstrong dubbed Plod’s movement “completely tainted” and known as for UK crypto holders to close their accounts with the financial institution.

“In point of fact hoping there might be extra to this legend than meets the watch, and that this doesn’t replicate Plod UK’s proper gape,” stated Armstrong on X.