WellsFargo Bars Credit Card Holders from Purchasing Crypto

By Gavin | August 23, 2018

It became the fourth, Wall Street bank to take this move, Wells Fargo America's third-largest bank has recently banned its customers from purchasing Bitcoin or any other cryptocurrencies using the bank-issued credit cards in a statement on Monday, a spokesperson from the bank said, customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency time to buy the dip.

With this decision, Wells Fargo joined the likes of a few other Wall Street giants, JP Morgan, Citigroup, and Bank of America, similar to other hostel banks, Wells Fargo cited the volatility associated risks as a reason for this ban. We are doing this in order to be consistent across a Wells Fargo enterprise, due to the multiple risks associated with this volatile investment, this decision is in line with the overall industry. The spokesperson added, worldwide hostility American banks are not the only ones in this war against cryptocurrencies, following the decision of the three Wall Street banks to stop all crypto transactions.

Britain's Lloyds Banking Group issued a similar order, moreover, the hostile move by banks of the Western countries was also picked up by Indian banks, as two large card distributors Citibank and HDFC banned their customers from using not only Bank-issued credit cards but debit cards too. However, despite the growing hostility, worldwide multiple major Australian banks remain friendly towards the ever-increasing sector, despite the current move, Wells Fargo's spokesperson assured the bank will continue to monitor the market, we will continue to evaluate the issue as the market evolves.

The spokesperson continued, a dipping market after achieving record high in January this year, the cryptocurrency market picked up a downward momentum with momentary bulls, following the recent theft from a South Korean crypto exchange, the struggling market dipped further Bitcoin, which touched $20,000 mark. Last December is now trading at six thousand eight hundred sixty dollars according to coin market Capcom. Moreover, the market capitalization of the entire market fell from its peak of eight hundred twenty-six billion dollars achieved in January to only three hundred one billion dollars tags Bitcoin, Citibank cryptocurrency, Wall Street, Wells Fargo got a news tip.