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America’s largest banks had a myriad of worries in mind when they rushed this week to ban customers from using credit cards to buy cryptocurrencies. Bitcoin’s gut-wrenching slide was just one of the threats.

JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. started to decline purchases as industry executives zeroed in on a variety of ways they could get burned, according to people briefed on the decisions. Publicly, JPMorgan cited the risk that borrowers might not repay. Behind the scenes, card issuers were also concerned about the protections they offer shoppers and their vulnerability to thieves, the people said.

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