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Toronto-Dominion Bank Restricts Crypto Purchase Using Credit Cards

Toronto-Dominion Bank Restricts Crypto Purchase Using Credit Cards

The financial institution, Toronto-Dominion Bank (TD Bank) has stopped its customer from using credit cards to make cryptocurrency purchase.

In a recent post, Toronto-Dominion Bank is not allowing its customers to make crypto purchase through credit cards. However, it conducts a review and valuation of the “evolving market” and is in line with enhancing policy change.

“At TD, we regularly evaluate our policies and security measures, to serve and protect our customers, as well as the bank. We recently decided to pause on allowing cryptocurrency purchases via credit cards to conduct a review and assessment of this evolving market”.

Halting cryptocurrency purchase via Credit cards

In fact, the other Canadian banks, like Royal Bank said followed a suit on Friday but they seem to enable cryptocurrency transactions via credit cards in “limited circumstances”.

The RBC spokesperson said,

“We do recognize that regulatory, risk and other external environmental factors relating to cryptocurrency continues to evolve. As such, we continue to review our policies to consider how we can best support clients”.

Also, Bank of Nova Scotia is concerning cryptocurrency policy. The Spokesperson of a Scotiabank said,

“We understand that regulatory and risk factors related to cryptocurrency continue to evolve. As a result we are closely reviewing our policies concerning cryptocurrency transactions.”

Many banks banned cryptocurrency purchase using credit cards

In the previous month, the major banks have been imposing a ban on crypto purchase using credit cards. Although, the step was not towards preventing users from making a cryptocurrency purchase instead to vanish the hollow decisions. Significantly, it is the safest ban as investors were not able to make a credit due because of price fluctuations.

The major financial institutions like JPMorgan and Bank of America, Virgin Money, Citigroup, Lloyds Bank has already banned crypto purchase using credit cards.

Do you think Banks is a good stand to protect credit lines by restricting credit card implication for cryptocurrency? Do you think this approach is the right decision in the crypto world?

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Kerin

Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.