MCLEAN, Va.—In what appears to be a growing trend among big U.S. banks, Capital One has blocked holders of credit cards from its bank from using them for cryptocurrency purchases.
The company said it made the move due to "limited mainstream acceptance (of cryptocurrencies) and the elevated risks of fraud, loss, and volatility inherent in the cryptocurrency market," Investopedia reported.
“While most banks have held off from offering cryptocurrency-related services to customers, they have not blocked transactions involving them,” Investopedia stated.
But Capital One joins TD Bank, which is reported to have told customers that "it doesn't deal in that kind of business." PNC Bank has also blocked transactions involving cryptocurrencies, Investopedia reported.