Crypto Transactions through Credit Cards has been declined by JPMorgan and Bank of America

According to the reports, the two major US banks took a little diversion from investor’s hand. JPMorgan Chase and Bank of America both have prohibited on cryptocurrency transactions via credit card.

JPMorgan CEO Jamie Dimon announced a few months back that, they don’t want to inherit the credit risk as the market is fluctuating. Thinking about the price of high volatile investment in cryptocurrencies such as bitcoin, investors are opening the bank to a higher risk of default. At the same time, regulators are working to detect the signs of fraud, and taking the credit cards out of the equation explains things somehow.

JPMorgan’s BAN became effective on Saturday, Feb. 3, while Bank of America’s BAN also came into effects. BOA (Bank of America) declined credit card transactions with crypto exchanges. The personal and business Bank of America credit cards are included in the ban, the bank will continue with all the debit card transactions.

This has made the investor struggle, some of them have already placed orders at exchanges. The potential investors who might consider the field now have to jump through another exposure to cryptocurrencies.

The investors should always remember that they should not invest more than they can afford. The market is fluctuating every minute and there is no guarantee of money back as many exchanges have received orders to ban cryptocurrencies.