TD Bank becomes latest to bar customers from using credit to buy cryptocurrency

TD Bank says it is taking a pause on allowing customers to use its credit cards to buy cryptocurrency.

The big bank says it made the decision to conduct a review and assessment of the evolving market.

The decision follows moves by several U.S. banks to stop allowing credit card purchases of bitcoin and other cryptocurrencies.

Get daily National news

Get daily Canada news delivered to your inbox so you'll never miss the day's top stories.

Sign up for daily National newsletter Get Started

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

The value of bitcoin soared last year, trading for more than C$20,000 per bitcoin.

2:13 Cryptocurrency concerns: could Bitcoin bankrupt you?

• Cryptocurrency concerns: could Bitcoin bankrupt you?
• Norm Kelly wants city staff to look into incorporating cryptocurrency
• Consumer Matters: What is ‘cryptocurrency?’
• Montreal is becoming a hub for bitcoin and blockchain
• Bitcoin: hot investment opportunity or looming bubble?
• Should you invest in bitcoin?

Previous Video

Next Video

The value of the cryptocurrency has since come off its all-time highs and trades for around C$13,000, but remains up significantly from where it was a year ago.

Royal Bank says it does allow its credit and debit cards to be used for transactions involving cryptocurrency in limited circumstances, but cautioned clients about the possibility of a sudden drop in the value of cryptocurrencies.