Virgin Money bank from Great Britain has banned purchases of cryptocurrencies on its credit cards, a spokesman said on Monday, after similar moves by Lloyds Banking Group and several U.S. investment banks. This is reported by The New Your Times.
Following a review of our policies, I can confirm customers will no longer be able to use their Virgin Money credit card to purchase cryptocurrencies. This only applies to our credit cards and not our debit card.
Spokesman of Virgin Money Bank
Just like Lloyds bank earlier, Virgin's ban only applies to its credit cards, not debit cards.
Like Lloyds, Virgin Money is concerned about customers running up large debts following a sharp fall in the value of digital currencies.
Over the weekend, few biggest issuers of credit cards in the United Stated also banned customers from using their cards to buy digital currency.
The list of financial firms included Bank of America, Citigroup, JP Morgan, Capital One and Discover.