SAN FRANCISCO—Count Wells Fargo as another of the big banks saying “no” to cryptocurrency purchases on its credit cards. The bank recently announced a ban on the purchase of Bitcoin and similar currencies using its credit cards.
Wells Fargo said the move was based on the various risks of the volatile investment, but the company said it would watch the issue as the market changes.
It's the latest bank to join other big banks such as Bank of America, Citigroup, JPMorgan Chase, and Capital One in announcing restricting cryptocurrency purchases on credit cards, LendEdu noted.
This move began in February with the companies citing credit and market risk concerns. Discover Financial Services was ahead of the curve, prohibiting cryptocurrency credit card purchases back in 2015, LendEdu said.