What This Story Is About

• Murfreesboro police checked 30 businesses previously known to have Bitcoin ATMs and found all were complying with Tennessee’s new ban.

Why It Matters

• The law took effect July 1 after Murfreesboro police reported victims lost nearly $4.1 million in six months to cryptocurrency kiosk scams, often targeting elderly residents.

What Happens Next

• Police said some disconnected machines remain at businesses while vendors arrange removal. Detectives are urging residents to remain alert for other scam tactics.

Catch Up

• ‘Defrauded dozens of nearly $4M.’ Murfreesboro police warn of Bitcoin scam targeting elderly residents

MURFREESBORO, Tenn. (WSMV) – Murfreesboro police say all 30 businesses checked by fraud detectives were complying with Tennessee’s new ban on Bitcoin ATMs.

Detectives visited businesses previously known to have cryptocurrency kiosks and delivered a letter from Police Chief Michael Bowen along with a copy of the law. Some machines remain on-site but have been disconnected as vendors work to remove them.

Tennessee’s Bitcoin ATM ban took effect July 1. Murfreesboro police said their investigations helped support the law after local victims lost nearly $4.1 million over six months in cryptocurrency scams.

Tennessee’s Bitcoin ATM ban took effect July 1. Murfreesboro police said their investigations helped support the law after local victims lost nearly $4.1 million over six months in cryptocurrency scams.

Detective Sgt. Tommy Massey said police have seen a sharp decrease in cryptocurrency scam reports since the ban took effect, but warned residents that scammers may find other ways to steal money.

Anyone who believes they have been targeted by a scam can contact Murfreesboro Police Criminal Investigations at 615-893-2717.

Market Cap Drops as XRP Hits YTD Lows

On Tuesday, XRP led an altcoin tumble, nosediving over 3% amid reports of another institutional investor acquiring Bitwise’s XRP exchange-traded fund. Daily market data show that XRP slipped from $1.04 to $1 by 3:13 a.m. EST, surpassing its previous year-to-date low seen in late June. On Bitstamp, the digital asset appeared on course to break below the $1 threshold for the first time since November 2024.

Following the slide, XRP’s market capitalization dropped from over $65 billion to $62.8 billion, widening its gap behind the USDC stablecoin, whose market cap stands at $72 billion. Since its Jan. 6 peak of $2.40, XRP has declined nearly 60%, making it one of the worst-performing high-cap altcoins this year.

While the digital asset’s downtrend aligned with that of the broader crypto economy, XRP has seemingly failed to reverse its losses when the market rallies, unlike its peers. This pattern caused it to drop from the No. 3 digital asset—a position attained after reaching an all-time high of $3.66 in July 2025—to the sixth most capitalized.

XRP’s decline has continued even as Ripple, the company behind the XRP Ledger, advances its quest to drive widespread adoption of the digital asset. In its latest announcement, Ripple, which secured a crypto asset service provider authorization from Luxembourg, said the regulatory groundwork for its European expansion is in place, and its focus has shifted to scaling.

In addition to Ripple’s activities, XRP continues to gain institutional adoption. Chicago-based hedge fund Wolverine Asset Management is the latest to jump in, with its recent 13F-HR filing revealing a new position in the Bitwise XRP ETF.

Despite these developments, some analysts warn that XRP could extend its downward trend. Social media user Vincent Van Code cautioned that thin trading volumes make the asset vulnerable to market manipulation, warning of a cascade toward the $0.95 level.

“$XRP is about to break the psychological $1 support,” Vincent Van Code wrote, noting that 24-hour trading volume on Binance had dropped to $68 million from over $1 billion. “Lots of people opening long positions because they think the bottom is in, and this is ripe for Binance and VIPs to liquidate these positions quite easily with only [a] very small slush fund. Current order books [are] super thin, with only $4M sells triggering [a] drop to 0.95 level, and likely closing out millions in longs.”

The analyst’s sentiment seemingly reflects a broader split across social media where discussions remain polarized. While cautionary posts point to stacked sell walls and thin order books, a resilient segment of retail traders views the sub-$1 region as an accumulation zone, holding out for a technical rebound if key support holds.

KEY TAKEAWAYS

1. Chime is a fintech platform, not a bank, and it does not offer direct cryptocurrency trading, custody, or wallet services to account holders.
2. Chime’s Visa debit card works on Coinbase, Kraken, and Crypto.com, but Gemini dropped Chime from its supported banks list.
3. ACH transfers from a Chime checking account to a regulated exchange carry lower fees than debit card purchases, typically near zero plus spread.
4. Chime imposes a $2,500 daily spending limit on its debit card, which caps the maximum single-day crypto purchase a user can complete through card funding.
5. Transactions flagged by Chime’s internal fraud detection system may be declined or delayed, even when the receiving exchange is fully regulated and compliant.

Chime had 10.4 million active members as of June 30, 2026, up 20% year over year. The platform partners with The Bancorp Bank and Stride Bank to provide FDIC-insured checking and savings accounts. Despite its scale, Chime does not offer a built-in cryptocurrency exchange or wallet.

Account holders who want to buy Bitcoin or other digital assets must fund a separate, regulated exchange. This guide covers which exchanges accept Chime, what fees and limits apply, and what restrictions users should expect. The total crypto market sits near $2.3 trillion as of August 2026, and retail participation through neobanks remains a growing segment.

How Chime Works With Crypto Exchanges

Chime issues a Visa debit card and supports ACH bank transfers. Both methods function as funding rails for cryptocurrency exchanges. The card carries a $2,500 daily spending limit, which applies to all purchases, including crypto, and ACH transfers typically settle within one to three business days.

Coinbase is the most reliable exchange for Chime users. The platform accepts both Chime debit card deposits and ACH transfers without additional friction. Kraken and Crypto.com also process Chime payments consistently. Binance.US technically accepts Chime ACH, but its fraud detection rules reject debit card top-ups more frequently than competitors.

Gemini no longer supports Chime as a linked bank. The exchange lists Chime alongside Choice, Dave, Green Dot, and Varo on its restricted institutions roster. Users who previously linked a Chime account may find that deposits no longer clear.

Fees, Limits, and Transaction Processing

Debit card crypto purchases on most exchanges carry a fee near 3.99% of the transaction value. ACH transfers generally have lower costs, although buyers may still pay trading fees and spreads. The fee difference is significant for regular buyers. A $1,000 monthly purchase could save roughly $240 to $300 per year by using ACH instead of debit, depending on the exchange’s trading fees and spread.

Chime’s fraud engine applies automated screening to all outbound transactions. Crypto-related payments sometimes trigger holds, temporary blocks, or verification prompts within the Chime app. The platform reserves the right to decline transactions flagged for compliance or security concerns, according to its terms of service.

Users receive notifications through the Chime mobile app when a transaction is held. These holds are not specific to crypto and apply to any activity the system considers unusual. Contacting Chime support before a large first-time crypto purchase can reduce the risk of a declined transaction.

Why Chime Does Not Sell Crypto Directly

Chime operates as a financial technology company, not a chartered bank. Its banking services run through partner institutions regulated by the OCC and FDIC. Adding a crypto exchange or custody function would require separate money transmitter licenses in each US state, along with FinCEN registration and ongoing compliance infrastructure.

Competitors like PayPal, Cash App, and Robinhood have absorbed those costs because their business models support it. Chime’s revenue model relies on interchange fees and optional overdraft charges, leaving little incentive to build a crypto trading stack.

The absence of native crypto support does not prevent Chime users from participating in digital asset markets. It simply means the exchange, not Chime, handles custody, execution, and regulatory compliance. That separation keeps Chime’s operational burden lower while still giving users access through standard payment rails.

Security Considerations for Chime Crypto Buyers

Chime accounts carry FDIC insurance up to $250,000 on US dollar deposits. That protection does not extend to any cryptocurrency purchased through a third-party exchange. Once dollars leave a Chime account and convert to crypto, the assets sit under the exchange’s custody and security framework.

Users should enable two-factor authentication on both Chime and the receiving exchange. Linking a Chime account to a regulated exchange that holds a FinCEN MSB registration adds a layer of compliance oversight. Exchanges registered with FinCEN include Coinbase, Kraken, and Crypto.com.

Storing purchased crypto in a self-custody wallet rather than on an exchange reduces counterparty risk. Hardware wallets from Ledger and Trezor remain the standard recommendation for long-term holders. That step is optional but adds protection against exchange-level failures or security breaches.

Regulatory Outlook

US crypto regulation is tightening under the Clarity Act framework, moving through Congress. The bill would establish a federal licensing pathway for digital asset intermediaries. If Chime or a similar fintech chose to add crypto services, the Clarity Act could streamline the state-by-state licensing process that currently makes the cost prohibitive.

What’s Next?

Chime has not announced plans to add crypto trading or custody features. The company’s product roadmap centers on credit building, high-yield savings, and paycheck access. Users seeking crypto exposure through Chime should continue to fund regulated exchanges via ACH transfer for the lowest fees or via debit card for speed.

FAQs

Does Chime let you buy Bitcoin directly?
No, Chime does not sell Bitcoin or any cryptocurrency. Users must transfer funds to a regulated exchange like Coinbase to purchase digital assets.

Which crypto exchanges accept Chime debit cards?
Coinbase, Kraken, and Crypto.com reliably accept Chime Visa debit cards. Gemini no longer supports Chime as a linked bank, blocking new deposits.

Is an ACH transfer cheaper than using Chime’s debit card for crypto?
Yes, ACH transfers from Chime to exchanges cost near zero plus spread, while debit card purchases carry fees of around 3.99% of the transaction value.

Related: Bybit Launches Indonesia Crypto Platform After Majority NOBI Acquisition

What is Chime’s daily spending limit for crypto purchases?
Chime’s Visa debit card has a $2,500 daily spending limit. This cap applies to all debit card purchases, including cryptocurrency transactions on external exchange platforms.

Can Chime block my crypto transaction?
Yes, Chime’s fraud detection system may hold, limit, or decline crypto-related payments. Users receive app notifications when transactions are flagged for additional review.

Is cryptocurrency bought through Chime FDIC insured?
No. FDIC insurance covers US dollar deposits in Chime accounts up to $250,000. It does not apply to cryptocurrency held on any third-party exchange.

Will Chime add crypto trading features in the future?
Chime has not announced any plans to add cryptocurrency trading or custody services. Its current product roadmap focuses on credit building and savings tools.

References

1. Chime Terms of Service (Chime Financial, Inc., 2026)
2. Coinbase Supported Payment Methods (Coinbase, Inc., 2026)
3. CoinGecko Crypto Market Data (CoinGecko, August 2026)
4. Gemini Supported Banks (Gemini Trust Company, LLC, 2025)