US Bank Wells Fargo Bans Cryptocurrency Purchases With Its Credit Cards

Wells Fargo & Company, an American multinational financial services company headquartered in San Francisco, California, with central offices throughout the country has banned cryptocurrency purchases with its credit cards, Bloomberg reported June 11. It is the third largest bank by assets in the US.

Wells Fargo has now joined Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp., which have already limited cryptocurrency purchases on their credit cards in February, citing market volatility and credit risks.

A bank spokesperson said that

“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”

Shelley Miller, a spokeswoman further said that the bank will continue to evaluate the issue as the market evolves. The move comes when the price of Bitcoin, has fallen lately contrasted with 2017. All things considered, its value moves are critical—prompting sizable increases and losses. The value of the cryptocurrency tumbled to $6,700 Monday in the wake of floating at about $7,500 for the past week.

While putting a prohibition on such cryptocurrency purchases for now, Wells Fargo “will continue to evaluate the issue as the market evolves,” she further said in a statement.

It appears like everyday one bank chooses to ban its clients from acquiring digital money. Some banks have banned credit card purchases, while few have banned debit card purchases. According to CoinIQ, following is the complete list of banks that have banned cryptocurrency.