TSB Bank Plans to Ban Cryptocurrency Purchases Due to Increasing Fraud Numbers
TSB, a British bank, is planning to issue a ban on cryptocurrency purchases. The company reported an alarming number of fraudulent transactions on cryptocurrency purchases involving Binance. A representative of Binance denies these claims and said that the platform was “very serious” when it comes to dealing with this kind of action.
TSB to Ban Cryptocurrency Purchases Due to Fraud Numbers
UK-based banking institution TSB is planning to issue a ban on cryptocurrency purchases because of the alarming number of fraudulent transactions associated with cryptocurrency institutions. According to the Telegraph, the bank will introduce this ban in the coming weeks. This action can leave more than five million customers without access to cryptocurrency exchanges.
A spokesperson alleged the ban will take the measure to protect its customers from probable frauds. The spokesperson declared:
“We take our obligation to protect customers extremely seriously and continually review merchants and websites with excessively high fraud rates.”
TSB also states that these platforms have low customer support standards. The company spokesperson claims that Binance and Kraken, two popular cryptocurrency exchanges, almost never respond to fraud claims.
Exchanges Accused
TSB also stated that Binance, the biggest cryptocurrency exchange, was a hub for this kind of scam. More than two-thirds of the frauds reported had to do with Binance and its trading platform. However, Binance denied these claims. A spokesperson for the exchange stated the platform was “very serious” when it comes to dealing with this kind of action.
Kraken also denied having this kind of behavior that TSB reports. Steven Christie, its global head of compliance, stated:
“We categorically deny the allegation that Kraken does not respond to calls for assistance on incidents of fraud.”
TSB is the latest bank to announce some kind of measure against cryptocurrency exchanges.
