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Capital One has banned customers buying bitcoin with credit cards

Capital One has banned its customers from using its credit c..

Capital One has banned its customers from using its credit cards to buy bitcoin and other digital currencies.

The financial firm cited the high risks associated with cryptocurrencies as the reason behind the ban which was introduced last week.

Read more: The US SEC has "significant" concerns about bitcoin ETFs

"Capital One has started declining credit card transactions to purchase cryptocurrency due to the limited mainstream acceptance and the elevated risks of fraud, loss, and volatility inherent in the cryptocurrency market," said a spokesperson for Capital One in a statement.

"Capital One continues to closely monitor developments in cryptocurrency markets and exchanges and will regularly evaluate the decision as cryptocurrency markets evolve."

The huge rise in the price of bitcoin has spurred many to invest, with one expert even having to warn people against taking out a mortgage on thier homes ot buy up cryptocurrencies.

Meanwhile Nordea, one of the biggest banks in the Nordic region, has forbidden its more than 30,000 staff from trading cryptocurrencies due to the high risks.

"The risks are seen as too high and the protection is insufficient for both the co-workers and the bank," a spokesperson for the bank told Reuters.

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