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

A TD Canada Trust branch is shown in the financial district in Toronto on Tuesday, August 22, 2017. THE CANADIAN PRESS/Nathan Denette

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.

READ MORE: Canadian banks aren’t following UK, US, Australia ban on buying cryptocurrency with credit

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

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

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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.

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