BMO joins TD in banning customers from buying bitcoin on credit cards

The Bank of Montreal has stopped allowing customers to use its credit cards to buy cryptocurrency such as bitcoin.
BMO's decision follows a move by TD Bank last month to stop allowing customers to use its credit cards to buy cryptocurrency. (Jonathan Hayward/CP)

The Bank of Montreal has stopped allowing customers to use its credit cards to buy cryptocurrency such as bitcoin.

The bank says it no longer allows retail consumers to buy cryptocurrencies using Mastercard-branded credit or debit cards.

The bank's decision follows a move by TD Bank last month to stop allowing customers to use its credit cards to buy cryptocurrency.

TD said it made the decision to conduct a review and assessment of the evolving market.

The decisions follow moves by several U.S. banks to stop allowing credit card purchases of bitcoin and other cryptocurrencies.

The value of bitcoin soared last year, trading for more than $20,000 per bitcoin, but has since come off its all-time highs and now trades for less than $11,000.