Wells Fargo Bans Crypto Purchases On Its Credit Cards

Law360 (June 11, 2018, 8:37 PM EDT) -- Wells Fargo & Co. said Monday that it has stopped allowing customers to use its credit cards to buy cryptocurrency, making it the latest major bank to impose such restrictions amid concerns about volatility and other risks in the market for digital currencies.

Wells Fargo’s announcement comes after Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. said in February that they weren’t permitting cryptocurrency purchases on their credit cards anymore. The U.K.-based Lloyds Banking Group PLC and Virgin Money PLC also announced similar bans that month.

San Francisco-based Wells Fargo said in a statement to Law360 that the...

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