Cryptocurrency and ICO news 12.06.2018

Wells Fargo bans crypto purchases with its card

Wells Fargo, San-Francisco-based bank, which is the third largest bank by assets in the US, has announced that it will no longer allow its customers to purchase cryptocurrency using its credit cards.

Wells Fargo said that its customers are now prohibited from purchasing digital currency on their credit cards issued by the financial institution. A bank spokesperson said that the decision was made in order to avoid “multiple risks” associated with cryptocurrency usage. With this move, Wells Fargo joins a wave of financial institutions banning the purchase of cryptocurrency with their credit cards right after J.P. Morgan Chase, Bank of America, Citigroup and several other in Canada, India, Australia etc.