Lloyds blocks credit card payments to crypto exchanges

Lloyds Banking Group has banned its customers from buying Bitcoin with credit cards.The bank said in an official statement: “Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.”

Bank of America started declining credit card payments to cryptocurrency exchanges, itself following in the footsteps of J.P. Morgan Chase and Citigroup.“At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved.”

Regarding the reasons behind the decision; Bitcoin.com reported on a survey carried out by Lendedu which found that over 20% of those that purchased Bitcoin with a credit cards had not paid off their card balances.

Recently, the Royal Bank of Scotland abruptly stopped processing transactions from Gibraltar International Bank that are connected with cryptocurrency in any way. In December, we reported on South Korean banks beginning to move away from the cryptocurrency services that they had been offering customers, and also that Bank Leumi, Israel’s second bank, has been blocking payments to exchanges too.

Source: Finance Magnates

Trader Bozhidar Arabadzhiev

Original post: Lloyds Follows US Banks, Blocks Credit Card Payments to Crypto Exchanges

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