From the beginning of the week, there has been a bad news about the crypto money market, which is about 150 billion dollars in trade volume. According to Bloomberg's report, JP Morgan Chase and Bank of America, the two largest banks in the US, will not allow customers to buy crypto money by credit card anymore, indicating that crypto paralas are not hot by senior officials in the past. Two companies that serve millions of users in the United States are taking this decision because they do not want to face financial risks
Financial concerns
According to Mary Jane Rogers, JP Morgan Chase spokesperson, the company does not want to suffer financial difficulties for both the bank and the customers because of the customers who can not pay the debt after they have received the credit card and crypt money. They also want to cut directly into the money laundering process through crypto money, stating that they are under intense pressure from regulators to follow their money laundering activities. Betty Riess, the Bank of America spokesman, added that while dealing with similar concerns, cigarette money has been stopped by personal and commercial credit cards, debit cards are not covered by the ban.
Almost all of the leading banks in the US forbade the purchase of crypto money by credit card after the decision of two banks. Citigroup, the third largest bank in the country, is still the only one with its policies in mind, and has not taken a restraining order, while the other major banks following Citigroup are Capital One Financial Corp. and Discover Financial Services announced that they did not support credit card exchange of crypto money with statements they made in the past
On the other hand, the financial application that announces that the two big banks will allow the commodity-free crypto-currency trading for the week that we have decided will be an answer to Robinhood. With Robinhood Crypto, more than 1 million people have applied to Robinhood to provide early access to the application, recognizing that users will start transferring funds from their bank and credit card to their accounts and paying commission to the crypto money trade. It is unclear at the moment whether Robinhood Crypto, which is expected to be operational this month, will be able to establish business associations with the financial institutions and transfer money.