December 3, 2018 / 10:42 PM / 2 months ago

Chase customers fight dismissal of lawsuit over crypto purchases

Chase Bank was wrong to treat the purchase of cryptocurrencies as cash advances and charge customers extra fees for the transactions because cryptocurrencies are not cash, customers suing the bank argued in Manhattan federal court on Friday.

Cryptocurrencies are not legal tender, are not issued by any government and are not accepted as payment by the overwhelming majority of businesses, the customers argued. Chase thus violated federal law when, without warning, it began treating purchases of the currency as cash advances in January after previously letting customers purchase it with credit cards, the customers said in a motion opposing dismissal of their lawsuit.

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