LONDON - JPMorgan's British retail bank Chase will ban crypto transactions made by customers from Oct. 16, the company said in a statement on Tuesday, due to an increase in crypto-related fraud and scams.

"We've seen an increase in the number of crypto scams targeting UK consumers, so we have taken the decision to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account," a spokesperson for the bank said.

(Reporting by Iain Withers; Editing by Susan Fenton)