Coinbase Verified U.S. Banks, Which Blocked Bitcoin Purchasing By Using Credit Cards  

Coinbase prohibited credit card holders from buying cryptocurrencies using those cards.

The latest tweet says, that credit card users from JPMorgan Chase, Bank of America, Citi and Capital One are all currently banned from buying cryptocurrencies on the platform.

The alternative payment ways such as debit cards and bank transfer are still accessible, and Coinbase encourages it as an alternatives for users.

The recent report confirms that Chase, Bank of America and Citi had launched the ban starting in early February over fears that credit card users may run up debt if the prices of cryptocurrencies drop.

 

This news were announced amid a price correction in the crypto space during the last few weeks. Bitcoin price has dropped to a 12-week low about $6,000. Prices were closer to $17,000, on the same date in January. According to CoinMarketCap, the total market value of cryptocurrencies dropped to $300 billion for the first time since November 2017.

The trend to bar bitcoin buying with credit cards is not just being seen in the U.S. market.

According to yesterday’s report, the British Banking group Lloyds has already blocked card holders from purchasing bitcoin on credit.