UK bank Lloyds follows US counterparts in banning people from buying cryptocurrencies with credit cards
Arjun Kharpal | @ArjunKharpal
Published 11 Hours Ago
Lloyds Banking Group said on Monday that it was stopping people buying cryptocurrencies using credit cards.
“Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies,” the company said.
Lloyds’ move follows banks in the U.S. J.P. Morgan Chase, Bank of America and Citigroup said Friday they are no longer allowing customers to buy cryptocurrencies using credit cards.
Concerns have been mounting that people buying digital currencies like bitcoin with credit cards could be getting into debt given wild price swings, particular recently given bitcoin fell below $8,000 for the first time in over two months.