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.

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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.