Wells Fargo, an international financial services company with headquarters in San Francisco has prohibited the completion of crypto-currency transactions with their credit cards. Bloomberg reported on December 11. June that Wells Fargo manages more assets than all the other banks in America.
Wells Fargo is now followed by Citigroup Inc., JPMorgan Chase & co. and Bank of America Corp., the currencies earlier in February, the purchases of Crypto on their credit cards citing market volatility and credit risks limited.
A representative of the Bank explained:
“Customers no longer can use their Wells Fargo credit cards for the purchase of crypto-currencies. We do this in order to be in the entire Wells Fargo company, due to the many risks associated with this volatile investment, it is consistent. This decision is in line with the industry as a whole.“
Shelley Miller, a spokeswoman, said that the Bank will assess the topic continues to be [regularly], while the market develops. The step comes as the price of Bitcoin has fallen in recent times in contrast to the last year. All in all, his value movements of immense importance, because this will lead to significant gains and losses. The value of the crypto-currency fell on Monday to $ 6.700, after he swayed just a few days ago at about $ 7.500.
While Wells Fargo provides for a provisional ban for such purchases of crypto-currencies, “it will review the topic regularly, as the market evolves,” she said in a statement.
It seems as if every day we hear of a Bank that decides to tell your customer the purchase of crypto-currencies. Some banks have banned credit card purchases, while only a few debit card prohibited purchases. According to crypto news network the full list of banks which have banned crypto currencies follows.