Whether you buy Bitcoin or any type of alternative cryptocurrency either as a speculative investment or to buy drugs of the black market, Wells Fargo has decided to place a ban on purchase of cryptocurrencies using credit cards issued by them. The bank has informed its customers that “Beginning June 18, 2018, Wells Fargo credit cards can no longer be used to purchase cryptocurrency.” Wells Fargo attributes this ban due to “market volatility and credit risk associated with cryptocurrencies.” As expected, you can still buy cryptocurrency if you wish, but you will have to use your debit card instead.
Wells Fargo is not the only major bank to place a ban on cryptocurrency on credit. Other big banks such as Bank of America, Citigroup and JP Morgan Chase started the trend of banning crypto from being purchased on credit cards issued by them at the beginning of the year.