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Feb 23, 2018

TD halts cryptocurrency purchases made on its credit cards

Toronto-Dominion Bank (TD) logos are seen outside of a branch in Ottawa, Ontario

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TD Bank (TD.TO) has stopped allowing customers to purchase cryptocurrencies using its credit cards.

“At TD, we regularly evaluate our policies and security measures, in order to serve and protect our customers, as well as the bank,” a TD spokesperson wrote in a statement to BNN Friday. “We recently made the decision to pause on allowing cryptocurrency purchases via credit cards to conduct a review and assessment of this evolving market.”

“Nothing has changed from our position,” a spokesperson from RBC (RY.TO) told BNN in an email. 

The bank did, however, acknowledge the risky nature of cryptocurrencies and said it will continue to review internal policies.

“When conducting these types of transactions using their credit cards, clients should be aware that a sudden drop in the value of cryptocurrencies purchased could expose them to substantially higher debt levels than they are able to repay.”

A spokesperson told BNN via email that Bank of Nova Scotia (BNS.TO) is reviewing its policies on cryptocurrency transactions.

Neither CIBC (CM.TO), Bank of Montreal (BMO.TO) nor National Bank (NA.TO) have indicated so far that they will follow suit.

Cryptocurrencies have taken investors on a wild ride amid regulatory uncertainty. Indeed, after soaring as high as US$19,511 per coin in December, was trading at US$10,316 as of 10 a.m. ET on Friday.