British bank will ban customers from buying cryptocurrency on Binance

More than five million UK retail bank TSB customers will be unable tobuy cryptocurrency on the Binance and Kraken exchanges, The Times reports.

The financial institution attributed the decision to concerns about the abundance of fraudsters on the named platforms and weak security measures. Binance is of particular concern at the bank.

According to TSB, between March 15, 2021 and April 15, 849 bank depositors reported losing money in their Binance accounts due to fraudulent activities.

The bank noted that scammers impersonate online investment consultants and convince victims to transfer their debit card details.

“We are seeing a sharp spike in fraud,as cryptocurrency exchanges are rife with figures who steal huge sums and benefit from the growing interest in this type of investment, ”a TSB spokesman said.

Binance and Kraken have denied the allegations.A spokesman for the Cayman Islands-based Asian platform said "Binance takes its responsibility to protect users from fraud very seriously."

“When we become aware of such claims, we immediately take action and have excellent experience working with law enforcement agencies,” he added.

The head of legal compliance Stephen Christie noted that the exchange responded to more than 1000 relevant requests from law enforcement officers in 2020 alone.

Registration on Binance (10% discount on commission)
All the pros have switched to trading crypto on binance!