Home Canada Canada’s Bank of Montreal (BMO) Bans Crypto Purchase

Canada’s Bank of Montreal (BMO) Bans Crypto Purchase

Canada’s Bank of Montreal (BMO) will no longer allow customers to buy cryptocurrency via Interac debit cards. This move by the bank has been confirmed by a Spokesperson from the Bank.

The Interac ban follows reports that the bank barred crypto purchases through Mastercard debit and credit cards weeks ago. The spokesperson said in an email:

“I can confirm that we no longer allow the purchase of cryptocurrencies via Interac Online Payments or by using a retail consumer Mastercard-branded credit or debit card.”

According to the message received, for now transactions would be blocked outright for MasterCard products, while a temporary charge will be placed for customers using an Interac card to purchase cryptocurrency. However, Interac transactions will surely be blocked as well, according to the document.

“This decision was made due to the volatile nature of cryptocurrencies, and so to better protect the security of our clients and the bank,”

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