The Toronto-Dominion Bank (TD), one of the largest banks in North America followed in the footsteps of several major banks globally and announced in an email statement to customers on Friday, Feb. 23, that it is banning the purchase of cryptocurrency with credit cards.
TD’s move is part of a larger global trend of banks banning customers from credit card purchases of cryptocurrency. The wave of bans was initiated by US giants J.P. Morgan Chase, Bank of America, and Citigroup on Feb. 3, and followed by the largest bank in the UK, Lloyds Banking Group, Feb. 5, and Virgin Money in Australia, South Africa, and the UK on Feb. 6.
Citibank India went ahead with banning both credit and debit cards for crypto purchases, last week.
The Royal Bank of Canada made of point of stating that it does allow both debit and credit card purchases of cryptocurrency, but it did warn its customers about high volatility risks which “could expose them to substantially higher debt levels than they are able to repay.”
The crypto market has seen a massive backlash from banks since January which prompted us to ask the question. Will Regulators and Banks Kill Bitcoin?
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