Customers of US banks JPMorgan Chase, Citigroup, and Bank of America, as well as UK-based Lloyds, will no longer be able to buy cryptocurrencies using their credit cards.

The US banks JPMorgan, Citigroup and Bank of America began to block operations related to purchasing cryptocurrencies with credit cards. The financial organizations claim that such transactions carry too many risks for a complete loss of customer funds.

"At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved," a J.P. Morgan Chase spokesperson said in a statement to CNBC.

The ban will affect both individual and business credit cards, a representative of Bank of America said.

Later, the largest bank of the United Kingdom, Lloyds, joined the US banks, announcing in a client mailing that it is no more possible to use their Halifax, Bank of Scotland and MBNA credit cards for the purchase of cryptocurrencies. Lloyds plans to create a blacklist of cryptocurrency sellers whose transactions will not be executed.

The reason for the decision, as in the case with American banks, is the high volatility of cryptocurrencies, the continuing fall of the cryptocurrency market and the risk of losing the funds invested and emergence of unpaid debts.

The price of bitcoin has fallen more than 60% from its mid-December peak at $20,000 to less than $8,000.