Skip to main content

The Bank of Montreal in Toronto's Financial District on Tuesday, April 4, 2017. THE CANADIAN PRESS/Aaron Vincent Elkaim

Bank of Montreal has shut down the use of its credit cards to buy cryptocurrencies such as bitcoin, joining Toronto-Dominion Bank, which made a similar announcement last month.

A BMO spokesperson confirmed in an e-mail that it no longer allows retail consumers to purchase cryptocurrencies using its Mastercard-branded credit or debit cards.

The BMO announcement follows similar moves by TD Bank and a number of U.S. financial institutions.

Story continues below advertisement

A spokesperson for TD Bank said late last month that it is halting credit-card purchases of cryptocurrencies while it reviews the evolving market.

Bank of Nova Scotia has also said that it's looking closely at its cryptocurrency transaction policy, while Royal Bank of Canada has said it allows its credit and debit cards to be used to buy virtual currencies in limited circumstances, but cautioned clients that a sudden drop in value of the coins could leave them exposed.

With files from the Canadian Press

Report an error Editorial code of conduct
Tickers mentioned in this story
Unchecking box will stop auto data updates
Comments are closed

We have closed comments on this story for legal reasons or for abuse. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.
Cannabis pro newsletter