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JPMorgan’s subsidiary Scurry UK to limit crypto transactions

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Starting from Oct. 16, Scurry Bank potentialities in the United Kingdom will no longer be ready to fabricate crypto transactions.

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Scurry Bank, a digital bank owned by the investment bank JPMorgan, will limit all cryptocurrency-connected transactions for its potentialities in the United Kingdom.

Starting from Oct. 16, potentialities of Scurry Bank in the U.K. will no longer be ready to fabricate crypto transactions the spend of their debit playing cards or thru outgoing bank transfer, a spokesperson for the company told Cointelegraph on Sept. 26.

“Customers will receive a declined transaction notification if they attain are trying to fabricate a crypto-connected transaction,” Scurry Bank said in a press free up.

In step with the bank’s representative, Scurry has determined to place into effect recent cryptocurrency restrictions attributable to an “prolong in fraud and scams” connected to crypto sources. The spokesperson referred to knowledge from Britain’s fraud reporting company, Action Fraud, indicating that U.K. particular person losses to crypto fraud surged extra than 40% in the closing 365 days. In step with the company, the losses in the U.K. surpassed 300 million British kilos, or $365 million.

“This has been carried out to give protection to our potentialities and abet their money nice,” the Scurry spokesperson said, including:

“We’re committed to helping abet our potentialities’ money nice and salvage. We’ve considered an prolong in the sequence of crypto scams focusing on U.K. customers, so we appreciate got taken the resolution to discontinuance the acquisition of crypto sources on a Scurry debit card or by transferring money to a crypto blueprint from a Scurry fable.”Scurry Bank on the birth announced its policy changes around crypto in an email to potentialities on Sept. 26. “We’ve made this resolution on account of fraudsters are increasingly extra the spend of crypto sources to clutch colossal portions of cash from folks,” the bank said in the email.

Linked: Breaking sufferer ‘belief’ in scammer is key to beat crypto scams, exchanges teach

Some Scurry customers online subsequently reported receiving the email about Scurry’s crypto policy changes on X (formerly Twitter). Many commenters expressed outrage about Scurry’s resolution to limit one’s freedom to make spend of crypto under the conceal of investor protection.

“We are banning computer programs on account of fraudsters spend them,” one Bitcoin enthusiast wrote, including: “Support to pen and paper!”

Scurry Bank staunch banned crypto pic.twitter.com/prbWNKrG0G

— Interstellar (@InterstellarBit) September 26, 2023

Scurry Bank is a digital bank providing payment-free banking by its cell app. Working extra than 4,600 branches across the arena, Scurry reportedly accrued extra than 50 million full of life customers across the arena. Presumably the most up-to-date restrictions will most efficient influence around 2% of Scurry’s whole customers worldwide as Scurry UK’s userbase reached 1 million folks closing September after its birth in 2021.

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