Major US bank Wells Fargo has placed a ban on customers purchasing cryptocurrencies via debit cards, according to a tweet over the weekend.
A beleaguered customer of Wells Fargo wrote: “Something fishy is going on with my bank Wells Fargo. I cant buy crypto on Cash App or Coinbase. I tried to attach my debit card and it said “Card not found”, and I just used it to pay my bills. Anybody else having this issue?”
The bank’s support team replied by saying: “Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency.”
It is not the first bank to hold a pessimistic view on cryptocurrencies, with the likes of JP Morgan CEO Jamie Dimon labelling Bitcoin as a “fraud” in 2017 before ironically launching JPM Coin earlier this year.
Last summer, Wells Fargo took the bold step to ban the purchase of cryptocurrencies using credit cards, citing “multiple risks associated with this volatile investment”.
“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency. We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry,” a spokesperson said at the time.
For more news, guides, and cryptocurrency analysis, click here.
George Town, Grand Cayman, 22nd November 2024, Chainwire
Las Vegas, US, 1st November 2024, Chainwire
From digital art to real-estate assets, NFTs have become a significant attraction for investors who…
Singapore, Singapore, 21st October 2024, Chainwire
HO CHI MINH, Vietnam, 17th October 2024, Chainwire
London, UK, 16th October 2024, Chainwire