The Trustee Savings Bank (TSB) taking actions to prevent its customers from using Kraken and Binance to buy crypto
According to a report in The Times, more than five million British banking – TSB – customers are to be barred from buying cryptocurrencies within days amid concerns that trading platforms are riddled with fraudsters. And the first two names posted are Binance and Kraken exchanges.
TSB is reportedly taking actions to prevent its customers from using Kraken and Binance
U.K. bank TSB is set to ban its more than 5 million customers from purchasing cryptocurrencies amid concerns over excessively high rates of fraud on trading platforms.
The Times stated:
“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 set up e-wallets and steal people’s money because of weak security checks.”
So now, TSB is going to ban the purchase of crypto with cash via Binance and Kraken. First, about 849 TSB savers reported losing money to scammers using their Binance accounts between March 15 and April 15. The bank stated that when it attempted to raise the issue. raised concerns, they received no response from the company. Binance claims they did not receive any messages from TSB.
Without directly referring to TSB, a spokesman for Binance reiterated the exchange’s commitment to working for the security of its customers, assuring that it is company policy to prioritize the issue:
“Binance is very serious about its responsibility to protect users from scams. When we are made aware of these claims, we immediately take action and have an excellent record of working with law enforcement agencies.”
But Kraken is much more direct. Steven Christie, global head of compliance at Kraken, has denied the TSB allegations.
Though he did not mention the stance they would take on this possible new outbreak of electronic fraud:
“We categorically deny the allegation that Kraken does not respond to calls for assistance on incidents of fraud. Kraken responded to well over 1,000 different requests from law enforcement agencies in 2020 alone. Kraken operates in full compliance with law enforcement agencies.”
And finally, TSB, which has 5.4 million customers, will be the biggest banking player to block all of its customers from buying cryptocurrencies in the coming weeks.
The bank has also asked for caution towards crypto-related scams:
Be extra vigilant when it comes to Crypto investment advisors. If you get a call, e-mail or text from one – bin it, it’s a scam. Never engage with contact out of the blue. Find out more: https://t.co/jfNPCdlkzJ #ThinkTwiceThinkFraud pic.twitter.com/A835A7qJy5
— TSB (@TSB) June 15, 2021
So far, TSB bank has not issued any official statement regarding its stance towards Kraken of Binance, however, the interest of UK regulators in overseeing cryptocurrency-related activity has been on the rise.
Read more:
- Australian Investors Adversely Impacted By Binance Are Considering Filing A Class-Action Lawsuit To Recoup Their Losses
- Crypto-Friendly Silvergate Bank Has Abruptly Cut Ties With Crypto Exchange Operator Binance