Banks and cryptocurrencies are not good friends. After all, Bitcoin (BTC) was developed by Satoshi Nakamoto in 2008 as a result of the loss of trust in banks around the world. In order to curb the purchase of Bitcoin and Co., the US bank JPMorgan Chase imposed higher fees for the purchase of cryptocurrencies.
JPMorgan Chase doesn’t admit any guilt
In 2018, JPMorgan Chase, the largest bank in the U.S., decided to impose higher fees on the purchase of cryptocurrencies using their credit card. The bank cited the reason that this is a cash advance and the different fees are therefore justified. But JPMorgan’s customers didn’t put up with it.As reported by Reuters, an application was filed at the federal court in Manhattan on Tuesday. The plaintiffs report that a total of 95% of the fees that were illegally imposed will be repaid. This is equivalent to a $ 2.5 million repayment, significantly more than the $ 1 million originally envisaged. According to Reuters, JPMorgan Chase does not admit guilt.
Banks don’t want to miss out on business with cryptos
The big banks don’t want to miss out on the cryptocurrency business. A few days ago, we reported that JPMorgan Chase had first started a crypto exchange as a customer. The customer accounts of Coinbase and Gemini are said to have been accepted in April and are currently in use. The ACH (automated clearing house) should be of interest to customers from the USA. The ACH is a computer-based network for fast processing of transactions between participating financial institutions.