JP Morgan Chase and Bank of America are stopping credit card authorization at Cryptocurrency exchanges

The Cryptocurrency markets has been experiencing a very bear cycle with almost all the Cryptocurrencies in the red zone. Millions of new investors who joined the bandwagon in December and January have lost anywhere from 10% to 50% .

To avoid turning this into a Debt crisis with investors purchasing falling Cryptocurrency prices, two of the biggest banks in the USA have decided to halt credit cash purchases.

Bloomberg reports that the move is also aimed at protecting customers from unauthorized transactions. This move doesn’t affect the debit card purchases.

Until now, the American banks cooperated with the major Cryptocurrency exchanges allowing users to purchase and cash out with out much restrictions. Hence this move is considered significant and might also add to the panic which exists among the investors.


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