Yesterday, news surfaced that JP Morgan Chase had been issued a Class Action Crypto Lawsuit after complaints that after initially, the banking giants hindered customers from buying cryptocurrencies, they added insult to injury by then increasing fees and interest rates for those customers too.
It was a highly targeted attack on customers who had chosen to buy cryptocurrencies and resonates ideas of what can only be described as corporate bullying. It is bad enough that the bank had the audacity to make it harder to customers to buy cryptocurrencies, but then to target those customers out and increase their fees, its discrimination on a very corporate level indeed.
According to Bitcoin.com, one customer complained that he had racked up $143.30 in fees and an extra $20.61 in in accounted for interest rates as a result of the banks authoritarian approach to cryptocurrency traders. Whilst these figures don’t seem terribly shocking, consider how many other people this would have affected, the value of the fees soon adds up.
According to Bitcoin.com, Brady Tucker, a customer affected by this said:
“The complete lack of fair notice to Chase’s cardholders caused them to unknowingly incur millions of dollars in cash advance fees and sky-high interest charges on each and every crypto purchase.”
This is a really shocking move from a bank in a country that prides itself on liberation and freedom. By taking steps like this, JP Morgan Chase had limited their customers choice and prevented them from making wise investments that could of course benefited them in the future. I suspect their reasoning for this was of course corporate greed. They had found that this is something they could make more money on due to a lack of regulations, so tried to almost con thousands of their own customers, simply for their own gains.
This adds to the never-ending saga that seems to display a battle between the corporate overlords and crypto-enthusiasts.
I suspect this is not the first, nor will it be the last time we see banks like JP Morgan Chase making decisions that swing in the favour of cryptocurrency censorship, thankfully, in this case, the law seems to be on the side of the innocent customers who have been robbed of their own assets, hopefully the law continues to take this approach.