Bank of England Bans Cryptocurrency Purchases from Binance and Kraken Exchanges

UK banks are making it more hard for their clients to get into cryptocurrencies, citing particular concerns related to safety and the possibility of fraud.

TSB Bank will prohibit customers from purchasing crypto with money through Binance and Kraken. Obviously, the minimal safety criteria of those platforms facilitate the actions of scammers, particularly in establishing electronic wallets. The reason given was worries about excessive fraud rates related to cryptocurrency exchanges operating in the country.

According into the report, TSB obtained at 849 fraud complaints involving March 15 and April 15 by Binance users. The bank said that all attempts to contact Binance were ineffective. However, Binance said it hasn’t received any messages in the bank’s security group.

Without mentioning TSB directly, a spokesperson for Binance reiterated the market’s commitment to working for the safety of its clients, ensuring that the provider’s policy takes precedence over the matter:

Binance takes its obligation to protect users from scams quite seriously. When we became conscious of those claims, we immediately took action and have a superb history of working with law enforcement agencies.

But Kraken is a lot more outspoken with TSB. Steven Christie, global head of compliance at Kraken, denied that the TSB allegations, though he didn’t mention that the stance they would take with this new potential fraud epidemic:

We completely deny the allegation that Kraken didn’t respond to calls for help regarding fraud incidents. Kraken has reacted well to over 1,000 distinct requests in 2020 alone. We are fully compliant with the law.

Recently, a poll from the UK’s financial regulator revealed that the amount of crypto investors has increased year-on-year, as has the average value of merchants. .

This is a worrying development for law enforcement and crime prevention agencies, as it provides a platform for fraudsters and criminals to benefit from a larger pool of possible victims who are less fortunate. Understanding than in prior years. Not only Binance and Kraken have been in trouble, just 3 months ago, FCA got in the way and Bybit needed to stop operating in the united kingdom.

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