Connect with us

Published

on

Signage outside a Chase bank branch in San Francisco, California, on Monday, July 12, 2021.

David Paul Morris | Bloomberg | Getty Images

Chase UK, the British challenger bank brand of JPMorgan, has blocked customers in the U.K. from purchasing crypto assets.

The company said in a statement Tuesday that, starting Oct. 16, Chase UK customers would “no longer be able to make crypto transactions via debit card or by outgoing bank transfer.”

“Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction,” the bank said in an email to clients.

“This has been done to protect our customers and keep their money safe.”

The company said it was taking the step because “fraudsters are increasingly using crypto assets to steal large sums of money from people.”

Chase UK cited data from Action Fraud, Britain’s fraud reporting agency, that showed U.K consumer losses to crypto fraud increased by over 40% in the last year, surpassing £300 million for the first time.

Crypto scams accounted for more than 40% of all reported crimes in England and Wales last year, according to the Office for National Statistics, Chase UK said in the customer email.

Chase UK is the latest bank in the country to take steps to limit the ability of their customers to purchase cryptocurrencies.

NatWest imposed limits on its customers which meant they could only send a maximum of £1,000 per day and £5,000 over a 30-day period to crypto exchanges, in an effort to tackle the rise in fraud attempts involving crypto.

HSBC and Nationwide have announced similar restrictions on crypto-linked purchases.

“We’re committed to helping keep our customers’ money safe and secure,” a Chase spokesperson told CNBC via email Tuesday.

“We’ve seen an increase in the number of crypto scams targeting U.K. consumers, so we have taken the decision to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account.” 

WATCH: Crypto enthusiasts want to reshape the internet with ‘Web3.’ Here’s what that means

Crypto enthusiasts want to remake the internet with 'Web3.' Here's what that means

Continue Reading

Technology

Take-Two shares tumble as Rockstar Games publishes Grand Theft Auto trailer early after leak

Published

on

By

Take-Two shares tumble as Rockstar Games publishes Grand Theft Auto trailer early after leak

Strauss Zelnick, CEO of Take Two Interactive.

Adam Jeffery | CNBC

Shares of video game publisher Take-Two Interactive Software fell 4% in extended trading on Monday after the company released its trailer for the next version of the Grand Theft Auto game, which will come out in 2025. The company had originally planned to put out the trailer hours later, at 6 a.m. ET. on Tuesday, Dec. 5, but a leak caused Take Two to move up its timeline.

The video was originally leaked on X, formerly known as Twitter. After that, Rockstar Games, a subsidiary of Take-Two, published the trailer on YouTube. 

Grand Theft Auto VI is likely to impact Take Two shares upon its release. Grand Theft Auto V debuted in 2013, and it’s now the second best-selling video game in history, having sold more than 190 million copies. It’s only behind Microsoft-owned Minecraft, of which over 300 million copies have been sold.

Gamers have been eager for details about the new game for years. Sam Houser, Rockstar’s founder, announced in early November that the trailer would come out in December.

“As the label approaches its 25th anniversary next month, we congratulate Rockstar Games on their constant innovation in the pursuit of the highest quality interactive entertainment,” Take-Two CEO Strauss Zelnick told analysts on a November conference call.

You can watch the new trailer below:

Continue Reading

Technology

Uber shares pop as company is slated to join S&P 500

Published

on

By

Uber shares pop as company is slated to join S&P 500

Uber CEO, Dara Khosrowshahi speaks during the “Intentional Equity in Sustainability” conversation at the Asia-Pacific Economic Cooperation (APEC) Leaders’ Week in San Francisco, California, on November 15, 2023.

Andrew Caballero-Reynolds | AFP | Getty Images

Shares of Uber rose more than 5% on Monday after S&P Dow Jones Indices announced Friday that the ride-hailing company has been selected to join the S&P 500.

Uber’s spot in the benchmark index is not official until Dec. 18, according to a press release, but it is common for the stock to rise, since investors know that managers of index funds that track the S&P 500 will add it to their portfolios. Uber will replace Sealed Air Corp. in the S&P 500.

Analysts at Oppenheimer reiterated their outperform rating on the stock and raised their price target to $75 per share from $65. They said Uber’s ticket into the S&P 500 will likely help improve investors’ sentiment about returns.

“Following the inclusion, we expect UBER to lean into growth and share buybacks, which should increase investor sentiment for growth/return in 2024,” the analysts wrote in a note Sunday.

Members of the index must have positive earnings in the most recent quarter and over the prior four quarters in total, according to S&P’s rules. Uber reported net income of $221 million on $9.29 billion in revenue for its third quarter, and in the past four quarters altogether, it generated more than $1 billion in profit.

Uber also has a market cap of about $118 billion, which surpasses the S&P’s criteria that companies must have an adjusted market cap of at least $14.5 billion.

CNBC’s Michael Bloom contributed to this report.

Don’t miss these stories from CNBC PRO:

Continue Reading

Technology

Twilio lays off 5% of employees in unit activists want to divest

Published

on

By

Twilio lays off 5% of employees in unit activists want to divest

Jeff Lawson, chief executive officer of Twilio Inc., during the Singapore FinTech Festival in Singapore, on Friday, Nov. 17, 2023.

Lionel Ng | Bloomberg | Getty Images

Software provider Twilio said Monday it would lay off roughly 5% of its workforce, or around 400 employees, citing underachievement in the growth of a unit that activist investors have targeted.

Shares of Twilio were flat on the news.

According to a letter from CEO Jeff Lawson attached to a regulatory filing, the cuts are part of a broader plan to streamline Twilio’s offerings. The company is also sunsetting its Programmable Video product as part of the plan.

The cuts will strike deepest in Twilio’s Data & Applications unit, the same unit that activist investors at Legion Partners and Anson Funds are pushing Twilio CEO Jeff Lawson to divest. Legion Partners declined to comment.

“Last year, we made the decision to invest, ahead of growth, in go-to-market for Segment,” Lawson said in a letter to staff, referring to a Twilio offering that is part of its data & applications group. “Unfortunately, that bet hasn’t led to the growth outcome we’d hoped for.”

Twilio cut 17% of its workforce, or about 15% of its employees, in February.

This is a developing story. Please check back for updates.

Continue Reading

Trending