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Wells Fargo Bans Customers From Buying Cryptocurrency on Credit

Wells Fargo bank has announced they will be declining all transactions made through cryptocurrency exchanges with their bank issued credit cards.

This policy began on Monday, June 11th, 2018.

Wells Fargo, which is the 3rd largest bank in the US, recently announced that customers may no longer purchase cryptocurrency with their issued credit cards. "We made this decision in order to be consistent across all Wells Fargo enterprises due to the multiple risks associated with this volatile investment," a spokesperson for Wells Fargo said in a recent statement. "The decision is in line with the overall banking industry."

Wells Fargo is the most recent bank in a line of institutions denying customers the right to purchase cryptocurrency on credit. Bank of America, Citigroup and J.P. Morgan, have also passed the same policy.

It's important to point out this only applies to credit cards. No bank has banned the purchase of cryptocurrency through ones own personal account, which includes the use of a bank debit card.

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Jack Taylor is a freelance journalist who has contributed to many award winning media outlets on a wide range of topics regarding trending technologies, cryptocurrency, blockchain & digital privacy.
Tennessee