TSB Bank Plans to Ban Cryptocurrency Purchases Due to Rising Fraud Figures: Report

TSB, a British bank, plans to ban cryptocurrency purchases due to fraud concerns. The company has reported an alarming number of fraudulent transactions in cryptocurrency purchases. Transactions with cryptocurrency exchange giant Binance are reportedly covered in two-thirds of these scam reports. A representative of Binance denies these allegations and said the exchange takes such complaints "very seriously". TSB will ban cryptocurrency purchases due to fraudulent numbers UK-based banking institution TSB plans to ban crypto currency purchases. Their clients are reporting an alarming number of fraudulent transactions with cryptocurrency institutions. According to De Telegraaf, the bank will implement this ban in the coming weeks. This action will prevent more than five million customers from accessing cryptocurrency exchanges. A spokesperson claimed that the ban would take action to protect customers from potential fraud. The spokesperson said: “We take our obligation to protect customers very seriously and we constantly review merchants and websites with excessive fraud rates. According to figures from TSB, one in eight cryptocurrency purchases results in a fraudulent act. This is a much higher number than calculated for other transactions. Scammers and scammers use these platforms to trick customers, take control of their accounts and steal their money. TSB also notes that these platforms have low customer support standards. A spokesperson for the company claims that two popular cryptocurrency exchanges, Binance and Kraken, have hardly responded to the scam allegations. Exchanges Are Guilty TSB also noted that Binance, the largest cryptocurrency exchange, is a hub for this type of scam. More than two-thirds of the reported scams involved Binance and its trading platform. However, Binance denied these allegations. A spokesperson for the exchange

Join the Discussion

  • BrokerEUR/USD
    InterTrader 0.6pips (fixed) margin: 3.33%
    City Index 0.5pips (fixed) margin: 3.33%
  • Back to top