Monday, 14 October 2019

Lloyds has banned Bitcoin buys

Lloyds

LONDON: Lloyds bank has stopped credit card customers from buying bitcoin, amid concerns of a credit risk surrounding the cryptocurrency’s rapidly falling value.

Coming into effect today, the ban applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA.

The currency has grown exponentially in the last year, peaking at $20,000 (£14,465) in December 2017. However, since then its value has rapidly decreased to about $8,000 (£5,700).

Banks are also increasingly concerned about the use of Bitcoin purchases by miscreants, fraudsters and money launderers.

A Lloyds spokeswoman said: “Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.”

Lloyds is the first bank in the UK to ban users from buying Bitcoin, with an increasing number of US credit-card companies and banks having halted the purchase of Bitcoin and other cryptocurrencies on credit cards last week.

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