Wells Fargo, a San Francisco-based bank, announced a few days ago that it would no longer allow customers to receive crypto money using their credit card.
On an asset-based basis, Wells Fargo, the third largest bank in the US, your credit card will no longer be able to be used to buy digital money. One of the bank's spokesmen spoke about the issue and said it was taken to protect it from the major risks posed by crypto money:
"Customers will no longer be able to buy crypto money using Wells Fargo's credit card. We do not want to create a consistency in the Wells Fargo company against the risks of such investments.
The banker's spokesperson stressed that this decision was not entirely final and that the bank's cryptographic money market would "continue to examine this situation as it continued to develop"
. Wells Fargo, along with the decision, also joined the bank caravan, which forbids the purchase of crypto money by credit card. In February, three giant banks, such as JP Morgan Chase, the Bank of America and Citigroup, made such a decision, and the crypto money market aroused much reaction. JP Morgan Chase made a new announcement later that month saying that "technology like crypto money could change payment processing and other services" and that this could pose a risk for financial institutions.
Customers buy crypto money the number of banks that are blocking is increasing and there is not only a bank in a certain country throwing such a step. In addition to the US, Canada-based Toronto-Dominion Bank, the largest bank in North America, took a similar step. As the reason for the decision taken by the Bank, showed that it wanted to "serve both customers and the bank and provide security"
. HDFC Bank, India's largest private bank, prevented them from purchasing crypto money through both bank card and credit card. Similar steps have been taken by banks such as Lloyds Banking Group, the UK's largest bank, and Virgin Money, which operates in Australia, South Africa and the United Kingdom.