Client to Sue JP Morgan Due to Big Crypto Purchase Fees

Plantiff used credit card to buy cryptocurrency on Coinbase and faced "sky-high" fees
12 April 2018   239

One of JPMorgan Chase client offiled a lawsuit against the bank, in which the financial holding company is accused of levying "astronomical" commissions and percents for purchasing cryptocurrency using credit cards. According to plaintiff Brady Tucker, the organization backdating began to classify the purchase of digital assets as a cash withdrawal, reports Bloomberg.

According to Tucker, since January 2018 the bank began treating his cryptocurrency buys as cash advances instead of purchases, and charging him interest rates of as much as 30 percent a year and additional fees. This led to the fact that the client of JPMorgan faced commissions around 30%.

The suit also cites the words of the executive director of JPMorgan, who last year called bitcoin "fraudulent" and promised to fire out of his company any "stupid" trader who bought or sold digital assets.

It appears that in addition to firing its ’stupid’ employees, Chase elected to start fining its ‘stupid’ customers: unilaterally.
 

Brady Tucker

Chase credit-card customer in Idaho, plantiff

A resident of Idaho hopes that his suit in the federal court of Manhattan will get the status of a group one. Tucker requires the bank to return all accrued commissions, as well as compensation in the amount of $ 1 million. JPMorgan Chase representatives have not yet commented on the situation.

According to Tucker, he was a regular customer of the Coinbase exchange, where he bought cryptocurrency with a credit card, and always conscientiously paid the credit.

Chase silently smacked them with instant-cash-advance fees, plus much higher interest rates than normal, and left them without any recourse.
 

Brady Tucker

Chase credit-card customer in Idaho, plantiff

The plaintiff also added that he and many other customers used credit cards to buy cryptocurrency exclusively because the transaction could be made instantly. At the same time, when using the bank account number for processing operations, it could take several days, Tucker noted. He also said that the bank did not notify him of any changes in the policy, otherwise he would stop using the credit card.

It is noted that only for the first two months of this year, the bank charged Tucker commission of $ 143, as well as another $ 20.61 as percents. When the plaintiff rang to sort out the situation, JPMorgan employees  blame Coinbase.

BOScoin sets up a meetup in Amsterdam

The first European BOScoin meetup will be held in Amsterdam on May 13 to introduce the platform to the public
21 April 2018   25

BOScoin is holding its first European meetup session on May 13 in Amsterdam. The venue is chosen to be at Berlage Meet and Workspace. During the meetup members of the team with CTO Yezune Choi and the community manager will be available to answer questions in order for BOScoin community to learn more about the project, and understand how it fits into the broader market. Mr. Choi will be presenting an overview of the BOScoin platform, and going into greater detail about the project's future plans, and technical aspects of the platform.

Among the topics to be covered there will be explanation of the technology and project's business strategy. Currently BOScoin has a working and functional blockchain network called tokenNet, which allows for the transfer of BOScoin from wallet to wallet.

The event starts at 13:30 local time.