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Wells Fargo blocks credit card use for cryptocurrency purchases

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Wells Fargo blocks credit card use for cryptocurrency purchases

Wells Fargo & Co. is the latest bank to ban its customers from using their credit cards to buy cryptocurrencies, such as bitcoin, Bloomberg News reported, citing a statement from the company.

A spokeswoman for the San Francisco-based bank said in an email that Wells will continue monitoring the issue as the cryptocurrency market evolves.

Banking giants Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp. have also limited cryptocurrency purchases on their credit cards, citing market volatility and credit risk concerns, the news outlet noted.

Bloomberg also cited a 2017 LendEDU survey involving 672 active bitcoin investors, which indicated that 18.15% of the investors used credit card for purchasing the cryptocurrency. About 22.13% of bitcoin investors said they could not pay off their credit card balance after purchasing bitcoin.