JPM Subsidiary Chase Bank Will Refund Crypto Users $2.5 Million

2020-6-2 08:55

Chase Bank, a subsidiary of JP Morgan, has agreed to return $2.5 million of overcharged fees related to cryptocurrency transactions.

Chase Bank Lawsuit Has Concluded

The decision to repay customers is the result of a class-action lawsuit that concluded in Manhattan federal court this month.

Since 2018, Chase Bank has allegedly charged crypto users more than $2.5 million in unnecessary fees.

This was because the bank considered purchases of cryptocurrency “cash advances.” One lead plaintiff claims that he was charged over $160 in fees and interest after he used his credit card to buy cryptocurrency from Coinbase.

A judge ruled that Chase Bank’s classification was improper, deciding that the plaintiffs had shown that the term “cash advances” only applies to fiat currency, not cryptocurrency-related activity.

Though Chase Bank does not need to admit to wrongdoing as part of the settlement, it will repay users 95% of the fees that it charged.

JP Morgan & Cryptocurrency

JP Morgan CEO Jamie Dimon has been famously critical of Bitcoin and went as far as to call the cryptocurrency a “fraud.”

However, the company itself has built a reputation as one of the most blockchain-focused banks. Its enterprise blockchain (Quorum) and its stablecoin (JPM Coin) are two of its best-known crypto projects.

JP Morgan has also announced that it has entered a relationship with two major crypto exchanges: Coinbase and Gemini. The bank will reportedly handle some fiat transactions for those platforms.

Meanwhile, decentralization advocates hold that the involvement of JP Morgan and other banks undermines Bitcoin’s real purpose: a system of currency free from control and regulation.

The post JPM Subsidiary Chase Bank Will Refund Crypto Users $2.5 Million appeared first on Crypto Briefing.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.001882 (-100%)

bank chase crypto million subsidiary jpm refund

Источник: cryptobriefing.com

bank chase → Результатов: 92


New York Judge Says Purchasing Crypto with A Bank Card Isn’t A Cash Advance

Chase Bank has been charging customers a cash advance fee for the purchase of cryptocurrency with their bank and credit cards. The judge has denied the motion to dismiss. The Chase company has been exploring a venture into the cryptocurrency industry, but recent actions have been upsetting the customers that they already serve. According to […]

2019-8-3 18:59


Customers Can Sue Chase For Hidden Crypto Fees, Court Rules

Cryptocurrency investors may proceed with a class action lawsuit against Chase Bank, after a New York federal judge decided against the bank’s motion for dismissal. Originally filed in April 2018, the plaintiffs accuse the bank of charging undisclosed fees by categorizing their crypto purchases as cash advances, which are far more expensive than standard credit […] The post Customers Can Sue Chase For Hidden Crypto Fees, Court Rules appeared first on Crypto Briefing.

2019-8-3 22:24


Фото:

Bitcoin Boost As JPMorgan Casts Doubt On US Dollar’s Future

Bitcoin challenging the US dollar’s worldwide supremacy seems more likely after it emerged that even the country’s biggest bank thinks the status quo cannot last. Central Banks Amassing Gold ‘Makes Sense’ In a report issued July 10, Craig Cohen, a strategist for JPMorgan Chase, said changing habits among non-US central banks are creating a real sense of unease about the dollar’s long-term status.

2019-7-24 13:00


Фото:

Сбербанк оказался успешнее Morgan Stanley

Forbes представил рейтинг крупнейших публичных компаний в мире. На первом месте оказался коммерческий банк ICBC. Второе место отдали финансовому холдингу JPMorgan Chase. Тройку лидеров замкнул банк China Construction Bank.

2019-5-16 15:08


Manhattan Federal Judge Will Decide Whether Cryptocurrencies Are Cash Or ‘Goods’, Chase Bank

Manhattan Federal Judge Will Decide Whether Cryptocurrencies Are Cash Or Not A federal judge in Manhattan will have to take a decision on whether cryptocurrencies are considered cash or not. This would have a very important effect in the space since the regulatory framework around virtual currencies is still not clear. Are Cryptocurrencies Cash? Chase […]

2019-4-27 22:35


Закон кармы: JP Morgan защищает в суде наличные свойства биткоина из-за иска клиентов

Окружной суд Южного округа Нью-Йорка должен должен принять решение о том, является ли криптовалюта наличными деньгами, пишет CCN. Chase Bank — дочерняя компания банковского холдинга JP Morgan Chase, специализирующаяся на потребительском и коммерческом банковском обслуживании, утверждает, что криптовалюта имеет все свойства наличных денег и является средством обмена.

2019-4-26 18:14


JPMorgan Expands Blockchain Network For Interbank Services

Central banking giant JPMorgan Chase plans to expand its blockchain network to include interbank settlements, in an effort to ward off competing services like TransferWise and Ripple. Formed in 2017 through collaboration between the Royal Bank of Canada and Australia’s ANZ Bank, the Interbank Information Network (IIN) utilizes the Ethereum-based Quorum blockchain to solve compliance […] The post JPMorgan Expands Blockchain Network For Interbank Services appeared first on Crypto Briefing.

2019-4-23 22:56


JPMorgan расширит возможности собственной межбанковской информационной блокчейн-системы

Глава клирингового подразделения финансового холдинга JPMorgan&Chase Джон Хантер заявил, что функциональность системы для трансграничных платежей Interbank Information Network (IIN) на базе блокчейна Quorum будет существенно расширена, сообщает Financial Times.

2019-4-22 16:55


Фото:

Underbanked Crypto Industry Forced To Innovate Solutions

Central  banks around the world have been notably removed from all things blockchain, and are more than mildly averse to serving cryptocurrency-related businesses. While large banking conglomerates like JP Morgan Chase and Bank of America often cannot be reached for comment on the issue, the general consensus among banks who reject cryptocurrency is that the […] The post Underbanked Crypto Industry Forced To Innovate Solutions appeared first on Crypto Briefing.

2019-3-18 16:38


Фото:

JPMorgan Estimates “Fair Value” of Bitcoin at $2,400; Crypto Miners React

According to a report published by South China Morning Post on February 21, 2019, the U. S investment bank JPMorgan Chase estimates the “fair value” of bitcoin (BTC) at $2,400. Cryptocurrency Miners Not Impressed JPMorgan, in their January report titled Blockchain and Cryptocurrencies 2019: Adoption, Performance and Challenges, estimates the intrinsic value or “fair value” ofRead MoreRead More.

2019-2-22 22:00


Глава Ripple подверг критике криптовалюту банка JP Morgan

Генеральный директор Ripple Брэд Гарлингхаус высказал мнение насчет планируемого выпуска стейблкойна крупного инвестбанка Америки JP Morgan Chase (JPM). Хотя банки и стали менять свое отношение к криптовалютам вплоть до положительного, тем не менее банк JP Morgan вообще упускает суть цифровых активов, считает Брэд Гарлингхаус.

2019-2-18 12:07


After JPMorgan Hypes Up Blockchain-Based JPM Coin, The Bank’s Mobile App And Website Experiences Nation-Wide Outage In US

JPMorgan Chase has been revving up to launch a new token that is based on blockchain technology. It is known around the world, but their banking services online experienced an outage this morning. The outage impacted online and mobile banking, which happens to follow the announcement yesterday that the JPM Coin would soon be launched. […]

2019-2-17 14:39


Best Cryptocurrency Community Reactions to JP Morgan’s JPM Coin Launch

American multinational investment bank and financial services company, J.P. Morgan Chase, has concluded plans to introduce the first cryptocurrency generated by a major United States bank. The cryptocurrency which will be called “JPM Coin” will be tested in an experimental period set to commence in a couple of months. How JPM Coin Will Be Introduced […]

2019-2-15 02:46


Фото:

Инвестбанк JPMorgan запустит собственный стейблкоин

Американский банк JPMorgan Chase, один из крупнейших инвестиционных банков в мире, начал подготовку к тестовому запуску собственной криптовалюты JPM Coin. Об этом сообщает CNBC со ссылкой на представителей JPMorgan.

2019-2-14 17:20


Фото:

JPMorgan Unveils First Bank-Backed ‘JPM Coin’ Cryptocurrency

International investment bank and notorious Bitcoin skeptic JPMorgan Chase will be the first US bank to issue its own cryptocurrency. JPMorgan: ‘Endless’ Use Cases For Cryptocurrency In a surprising move, Umar Farooq, head of JPMorgan’s blockchain operations, told CNBC trials of JPM Coin would start in the coming months and that three use cases had already emerged.

2019-2-14 15:00


Фото:

JPMorgan & Chase: Only Low-Cost Chinese Bitcoin Miners in Profitable Positions

Analysts at JPMorgan Chase & Co. are claiming that Bitcoin is no longer worth the cost to mine it — and only low-cost Chinese miners are in a winning position.   The analysts at the American multinational investment bank and financial services company found that the production-weighted cost per bitcoin averaged just above $4,000 worldwide in Q4 2018.

2019-1-28 06:00


дальше еще 43 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

JPMorgan’s digital token JPM coin eyes $10b daily transactions

JPMorgan’s JPM Coin, processing $1 billion daily, is projected to handle up to $10 billion in transactions within the next year. The bank’s global head of payments for financial institutions, Umar Farooq, announced this estimate. Farooq said he expects transactions…

JPMorgan launches programmable payments on JPM Coin

Wall Street giant JPMorgan has officially launched programmable payment functionality on its institutional blockchain platform, JPM Coin, according to Onyx head of coin systems Naveen Mallela. Mallela said the new solution is a “holy grail” for the JPM Coin platform and expects it to open a new frontier in digital finance.

JPMorgan Expanding Crypto Services, Hiring Related Experts

JPMorgan Chase has added several new positions related to cryptocurrencies, and will expand its crypto services in the merchant and consumer payments space. The post JPMorgan Expanding Crypto Services, Hiring Related Experts appeared first on BeInCrypto.