The crypto credit card crackdown of 2018 is here.

Purchasing cryptocurrencies with a credit card is about to get significantly harder. Earlier today, the UK’s Lloyds Banking Group announced that it would prevent customers from purchasing cryptocurrencies with its credit cards.
Lloyds Banking Group is easily of the largest retail banks in the UK, and dominates a massive swathe of Britain’s retail banking market. In addition to the eponymous Lloyds Bank, it also owns Halifax, Bank of Scotland, and MBNA.

The ban solely relates to credit card transactions. Crypto purchases with Lloyds-issued debit cards should continue to work as normal.
In a statement to The Guardian, Lloyds Banking Group said: “Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.”
Cryptocurrencies are unregulated, and the market for them is volatile and fundamentally speculative in nature. Over the past month, several major cryptocurrencies experienced major plunges in price.

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