Wells Fargo Bans Cryptocurrency Purchases on Its Credit Cards

Photo: Daniel Tepper/Bloomberg

Wells Fargo & Co. customers hoping to use their credit cards to buy Bitcoin will have to look elsewhere.

While putting a prohibition on such cryptocurrency purchases for now, Wells Fargo “will continue to evaluate the issue as the market evolves,” Shelley Miller, a spokeswoman, said in an emailed statement.

Wells Fargo joins Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp., which limited cryptocurrency purchases on their credit cards in February, citing market volatility and credit risks.

Lenders have said they’re worried they’d be left on the hook if a borrower lost money on a digital currency bet and couldn’t repay.