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Daily CryptoCann Report: Wells Fargo to ban crypto purchases on its credit cards; Aurora Cannabis acquires marijuana testing lab

JPMorgan Chase, Bank of America, Citigroup and TD Bank have also banned crypto purchases on their cards
Bitcoin in a shopping cart
The bank said it enacted the ban due to the current risks associated with crypto

The Crypto Report

Wells Fargo & Co (NYSE:WFC) will no longer allow its customer to purchase cryptocurrency using its credit cards, according to a report by Forbes. The US bank said that while it would continue to evaluate the issue, the decision was made due to the current risks associated with cryptocurrency.

It’s not the first financial institution to ban crypto purchases. JPMorgan Chase & Co (NYSE:JPM), Bank of America Corp (NYSE:BAC), Citigroup Inc (NYSE:C) as well as Canada’s Toronto-Dominion Bank (NYSE:TD) have all banned the purchase of crypto for the same reason.

READ: Apple bans cryptocurrency mining apps on its iPhone, iPad devices

File-sharing company BitTorrent Inc has been acquired by Justin Sun, the blockchain entrepreneur behind the TRON platform, according to a Variety report. Sun entered into negotiations with the software company in September 2017 and signed a letter of intent in January. When BitTorrent began talking with other bidders, the deal was suspended. Sun filed a temporary restraining order, but it was eventually dismissed.

The financial details of the takeover have not yet been released but BitTorrent management and staff have been advised of the change in leadership.

EOS (EOS-USD) was the top decliner, down more than 8% to US$10.34.

Bitcoin (BTC-USD) saw the smallest loss, down 2.5% to US$6,708.88.

The Cann Report

The North American Marijuana Index, which tracks the leading cannabis stocks in the U.S. and Canada, was down nearly 2%.

Mayors from seven US cities have formed a coalition to remove marijuana from the federal list of illegal drugs, according to an ABC report. Elected officials from the marijuana-friendly cities of Denver, Seattle, Portland, San Francisco, Los Angeles, Las Vegas and Sacramento are asking Congress to not only remove cannabis from the federal Controlled Substances Act but also to allow marijuana industry employers to benefit from tax deductions, help financial institutions to provide banking services and to extend legal access to medicinal marijuana for U.S. veterans.

"As mayors of cities that have successfully implemented and managed this new industry, we have hands-on experience that can help Congress take the right steps to support other local governments as they prepare to enter this new frontier," said Denver Mayor Michael B. Hancock.

Aurora Cannabis Inc (TSX:ACB, OTCQB:ACBFF) will acquire Anandia Laboratories Inc in an all-stock C$115mln deal. Anandia provides cannabis testing services and will continue to operate independently of Aurora.

Shares of the Vancouver-based cannabis company were up nearly 2% to C$9.07.

 

--Updated to include cryptocurrency coin prices

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