Published On: Tue, Jun 12th, 2018

Wells Fargo Halts Credit Card Cryptocurrency Purchases

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Wells Fargo & Company, a San Francisco-based financial services giant, announced recently that it will no longer allow cryptocurrency purchases using its bank-issued credit cards. 
Joining the Ranks
U.S. financial services company Wells Fargo and Company has announced that it will no longer allow customers to use bank-issued credit cards for cryptocurrency purchases.
With this move, Wells Fargo joins the ranks of other major U.S. banks who have already prohibited the purchase of cryptocurrency with their credit cards — namely, JP Morgan Chase, Bank of America, and Citigroup.
The main concern, as expressed by a Wells Fargo spokesperson, lies within the high volatility of the cryptocurrency market:
Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency […] 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.
Nevertheless, Wells Fargo isn’t bolting the door permanently — noting that the bank “will continue to evaluate the issue as the market evolves.”

Further concerns seem to stem from a survey which shows that a little over 18 …

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