Skip to content

News

TSB bans cryptocurrency amid fraud concerns with Binance and Kraken

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

More than five million British banking customers are to be barred from buying cryptocurrencies within days amid concerns that trading platforms are riddled with fraudsters.

The Times has learnt that TSB is preparing to block its customers from sending money to trading sites such as Binance and Kraken because it believes scammers are being allowed to steal people’s money because of weak security checks.

The bank is particularly concerned about Binance, one of the world’s biggest cryptocurrency exchanges, registered in the Cayman Islands.

It said 849 TSB savers reported losing money to scammers with Binance accounts between March 15 and April 15. The bank claimed that when it tried to raise concerns, it received no response from the company. Binance claims it did not receive any of TSB’s messages.

Source: The Times

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Related Posts

What’s happening with the FCA and AML?

With the change in the anti-money laundering (AML) supervisory approach of the Financial Conduct Authority (FCA), many firms are nervous about whether they will face FCA scrutiny and what to
Read More >

Reminder: Consumer Duty board reports due 31 July 2024

As the one-year mark of the Consumer Duty’s implementation approaches, firms are reminded that the first board reports on Consumer Duty implementation and outcomes are due by 31 July 2024.
Read More >