Lloyds Bank bans credit card customers from buying bitcoin

Lloyds Banking Group becomes the first major lender in the UK to ban the buying of cryptocurrencies using its credit cards.

The Telegraph reports that Lloyds will tell its 9 million credit card holders that attempts to buy digital currencies will be blocked. Debit card transactions will not be blocked according to the report. 

The move will impact customers of:

  • Lloyds Bank
  • Halifax
  • Bank of Scotland
  • and credit card firm MBNA

All of the above firms are under the Lloyds umbrella. 

A spokesman for Lloyds said the decsions was made to "protect customers"  from making unaffordable losses on Bitcoin.

JPMorgan Chase, Bank of America, and Citigroup have already announced similar bans.

The price of bitcoin is back below the $8,000 level on Monday, roughly 2.5% lower in early morning European trading.

Posted on: 05/02/2018

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