Cryptocurrency Purchases Using Credit Cards Banned By Wells Fargo

News | June 12, 2018 By:

Wells Fargo, the third-largest US bank, will no longer allow its customers to purchase cryptocurrency using its credit cards.

The San Francisco-based bank said that its customers are now prohibited from purchasing cryptocurrency on their credit cards issued by the firm. Wells Fargo spokeswoman Shelley Miller said in a statement that the decision was made in order to avoid “multiple risks” associated with cryptocurrency usage.

“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency,” Miller said. “We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry. We will continue to evaluate the issue as the market evolves.”

Wells Fargo joins other major banks in banning credit card crypto purchases. Earlier this year, JPMorgan Chase, Bank of America, Citigroup, and Lloyds Banking Group banned the use of credit cards to buy bitcoin and other cryptocurrencies, fearing a plunge in their value will leave customers unable to repay their debts.