Virgin Money Prohibits Cryptos Purchases on Its Cards

British bank prohibits using it's credit cards to buy cryptocurrency due to concern about customers running up large debts
06 February 2018   367

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.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   82

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.