British Bank Will Ban Customers From Buying Cryptocurrencies on Binance

British Bank Will Ban Customers From Buying Cryptocurrencies on Binance

In the coming days, more than five million customers of TSB Bank in the UK will be denied the opportunity to buy cryptocurrencies on brokers. Binance I Kraken, according to website many times.

According to the British newspaper, TBS will block its customers from purchasing cryptocurrencies with funds managed by the bank. This is due to concerns about the level “Very high” Fraud involving cryptocurrency brokers operating in the country.

The site claims that it has credible information that the bank will ban the purchase of cryptocurrencies on Binance and Kraken. It is believed that the low security standards of these platforms are making life easier for scammers.

The financial institution attributed the decision to concerns about an “abundance” of scammers on the designated platforms and weak security measures. Binance Bank has a particular concern.

According to TSB, between March 15, 2021 and April 15, 849 bank customers reported losing money in their Binance accounts due to fraudulent activities.

The bank noted that scammers pose as online investment advisors and persuade victims to transfer their debit card details.

“We are seeing a sharp increase in scams because of the large number of cryptocurrency brokers who steal huge amounts and benefit from the growing interest in this type of investment”, a TSB spokesman said.

Binance and Kraken denied the allegations. Spokesperson of the Cayman Islands-based Asian Forum said What “Binance takes very seriously the responsibility of protecting users from fraud.”

“When we become aware of such complaints, we act promptly and have excellent experience working with law enforcement agencies.” added.

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Stephen Christie, Kraken’s director of legal compliance, said the brokerage responded to more than 1,000 pertinent inquiries from law enforcement in 2020 alone.

About the author: Muhammad Wayne

Wayne is a reporter who covers everything from oil trading to China's biggest conglomerates and technology companies. Originally from Chicago, he is a graduate of New York University's business and economic reporting program.

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