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JPMorgan, Bank of America halt cryptocurrency purchases on credit cards

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JPMorgan, Bank of America halt cryptocurrency purchases on credit cards

JPMorgan Chase & Co. and Bank of America Corp. have stopped purchases of bitcoin and other cryptocurrencies on their credit cards, Bloomberg reported.

JPMorgan spokeswoman Mary Jane Rogers told the publication the bank does not want the credit risk associated with the transactions and will implement the ban on Saturday. Bank of America said in a memo to staff it will start rejecting credit card transactions with known crypto exchanges, effective Feb. 2. However, the decision does not affect debit cards, Bloomberg reported, citing Betty Riess, a Bank of America spokeswoman.

Other companies, including Citigroup Inc., are reviewing their cryptocurrencies policies.