JPMorgan will pay compensation to crypto money investors. JPMorgan will pay compensation to investors for overcharging. Chase Bank NA, a subsidiary of banking giant JPMorgan Chase and the sixth largest bank in the world, will pay close to $ 2.5 million in compensation for its customers who charge cryptocurrencies by credit card.
Court Has Justified Crypto Money Investors
According to the report quoted by Reuters, the record received by the Manhattan federal court on Tuesday indicated that customers will get back 95% of their overprocess fees, although JPMorgan claims that it has not done anything wrong.
It turned out that Chase Bank charges more than usual “cash advance” transaction fees to customers using their own credit card. In fact, although 1 million dollars of compensation was requested for customers affected by the case, the total amount of compensation exceeded this.
The case was first opened in 2018 and after 2 years, the results were pleased with the plaintiffs. JPMorgan Chase CEO Jamie Dimon is known for his harsh criticism of cryptocurrencies, and it is even possible that this was done intentionally.
However, it was revealed that bank officials met with the CEO of the Coinbase cryptocurrency exchange, Brian Armstrong, as early as 2018 and behind secret doors. Perhaps JPMorgan has been pursuing a partnership for the cryptocurrency industry since then, but still has not achieved it.