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UK Bank TSB Set to Ban Crypto Buying Due to E-Wallet Scam Concerns: Report
The company is the latest U.K. bank to act to crack down on cyber-crime.
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, according to a report in The Times.
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- According to the report, TSB is planning to block its 5.4 million customers from sending money to trading platforms such as Binance and Kraken on concerns scammers are being allowed to set up e-wallets and steal people’s money because of inadequate security checks.
- Binance is reportedly of particular concern to the bank because about two-thirds of all frauds involving crypto were tied to the Binance platform, the report said. In one 30-day period, 849 TSB savers reported losing funds from Binance accounts, the Times reported.
- The report also said the bank claims that Binance "hardly ever" responds to allegations of customer fraud, claims both Binance and Kraken denied, the Times said.
- The company is the latest U.K. bank acting to crack down on cybercrime.
- A spokesman for Binance told the Times it takes its responsibility to protect users from fraud "very seriously."
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
