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Cryptocurrencies

Wells Fargo customers no longer able to purchase Bitcoin

Tuesday 12 June 2018 | 12:34 PM CET

Wells Fargo has announced that customers will no longer be able to purchase Bitcoin using credit cards issued by the company.  

The decision follows on similar announcements made by J.P. Morgan, Citi, Bank of America, as banks and payments processors feared that the asset’s wild price swings could cause buyers to renege on payments back to the bank.

“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency,” a bank spokesperson said in a statement. “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.”

And, similar to other statements from banks about the decision, Wells Fargo noted that it will continue to monitor cryptocurrency markets. “We will continue to evaluate the issue as the market evolves,” the spokesperson said.

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