Wells Fargo confirms crypto credit card clampdown

Wells Fargo has become the latest bank to stop customers from purchasing cryptocurrencies via their credit cards.

It lines up alongside Citigroup, JPMorgan Chase & Co. and Bank of America, flagging up concerns that the volatility of Bitcoin et al could cause buyers to renege on repayments.

“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,” says a Wells Fargo spokesperson.

The bank will, however, “continue to evaluate the issue as the market evolves.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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