In its time, which is to say in the last few years, Wells Fargo has (allegedly) screwed over lots of people: Its customers. Whistleblowers. Military families. The SEC. Other customers. Small-business owners. Still more customers. Maybe its foreign-exchange counterparties? Customers who were potentially victims of fraud other than the fraud allegedly perpetrated on them by Wells Fargo. And, of course, its shareholders.
Wells Fargo joins Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp., which limited cryptocurrency purchases on their credit cards in February, citing market volatility and credit risks. Lenders have said they’re worried they’d be left on the hook if a borrower lost money on a digital currency bet and couldn’t repay.
A study conducted by LendEDU last year found that roughly 18 percent of Bitcoin investors used a credit card to fund the purchases. Of those, 22 percent couldn’t pay off their balance after buying the digital coin.