Coinbase Confirms 4 Banks Blocking Bitcoin Credit Card Purchases

Credit label holders from 4 U.S. banks have been barred from purchasing cryptocurrencies using credit cards at Coinbase, the sell has confirmed.

According to the firm’s latest tweet, credit label users from JPMorgan Chase, Bank of America, Citi and Capital One are all now taboo from purchasing cryptocurrencies at the platform.

However, other remuneration channels such as withdraw cards and bank send are still available, and are being speedy by Coinbase as alternatives for influenced customers.

The notice came as a acknowledgment to a new report that Chase, Bank of America and Citi had launched the anathema starting in early Feb over fears that credit label users might run up debt if the prices of cryptocurrencies drop. It serve indicates that the limitation also extends to Capital One, another vital credit label issuer in the U.S.

This news also arrives amid a vital price improvement opposite the crypto markets in the last few weeks. According to CoinDesk’s latest report, bitcoin’s cost has forsaken to a 12-week low around $6,000. On the same date in January, prices were closer to $17,000.

Data from CoinMarketCap also indicates that the sum cryptocurrency marketplace capitalization slumped today to underneath $300 billion for the first time since Nov. 25, 2017.

The trend to bar bitcoin shopping with credit cards is not just being seen in the U.S. market.

As reported yesterday, British banking organisation Lloyds has also reportedly blocked label holders from several of the vital subsidiaries – including Halifax, MBNA and Bank of Scotland – from purchasing bitcoin on credit.

Disclosure: CoinDesk is a auxiliary of Digital Currency Group, which has an tenure interest in Coinbase.

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