UK's TSB Bank to Ban Crypto Purchases Amid E-Wallet Scam Concerns

UK's TSB Bank to Ban Crypto Purchases Amid E-Wallet Scam Concerns
UK bank TSB will ban more than 5 million of its customers from buying cryptocurrencies due to concerns about “excessively high” fraud rates on the trading platform, The Times reports.
  • The TSB reportedly plans to block 5.4 million customers from sending money to exchanges such as Binance and Kraken, fearing that due to insufficient security checks, scammers will be able to create e-wallets and steal people’s money.

  • Binance is reportedly of particular concern to the TSB, as approximately two-thirds of all fraud involving cryptocurrencies is linked to the Binance platform. According to the New York Times, 849 TSB depositors reported losing funds from their Binance accounts over a 30-day period.

  • The report also states that the bank claims Binance “almost never” responds to customer fraud allegations, an allegation both Binance and Kraken deny.

  • TSB is the latest UK bank to take action against cybercrime.

  • A Binance spokesperson told The New York Times that they take their responsibility to protect users from fraud “very seriously.”

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