JPMorgan Chase has to repay $ 2,5 million to crypto investors

Banks and cryptocurrencies are not good friends. After all, Bitcoin (BTC) was developed by Satoshi Nakamoto in XNUMX as a result of the loss of trust in banks around the world. In order to curb the purchase of Bitcoin and Co., the American 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 Reuters reported, an application to the federal court in Manhattan was filed on Tuesday. The plaintiffs report that a total of XNUMX% of the fees that were illegally imposed will be repaid. This is equivalent to a $ XNUMX million repayment, significantly more than the $ XNUMX 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. As reported a few days ago JPMorgan Chase had first included 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.

Banks in other countries also want to benefit from the new technology. The Japanese SBI Bank has long been a partner of Ripple and has announced that it will integrate Ripple's technology into its ATMs. The use of the technology is intended to make it easier for the Japanese to access the machines. With the integration of a nationally used banking app, residents could use any machine for their financial activities.

Japanese bank SBI plans to integrate Ripple technology into ATMs


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