Which bank is banning what and why?
According to the authorized sources, many outbreaks of cryptocurrency frauds are happening, and TSB bank is showing its extra concern in this situation. TSB has officially called out Kraken and Binance because of their low-security standards that can increase the fraudsters.
The new ban is still not enforced; however, if it is applied, around 5.4 million customers would be affected by this new ban.
The British newspaper The Times report alleges that the bank will be barring crypto investments “because it believes scammers are being allowed to set up e-wallets and steal people’s money because of weak security checks.”
More than anything, TSB is currently worried about the cryptocurrency BINANCE. It is claimed the world’s largest crypto exchange also is enrolled in Cayman Island. Regulators in the United Kingdom are already hunting into the listing stock token exchanges for Tesla and Coinbase.
Binance also listed Microsoft and Apple Token last year that came up with an investigation to discourage Changpeng Zhao.
How many fraud cases were reported on Binance in a month?
According to their reports, the Times revealed that the TSB bank, unfortunately, experienced approximately 849 fraud cases on Binance in a month. The bank calculated the fraud reports from the data between March 15 to April 15.
Moreover, after the calculation, TSB bank also initiated a meeting with Binance. They ventured to reach Binance and discuss this exchange more deeply to resolve the problems. But, Binance, in reply, refused to assist appropriately.
The exchange from Binance has also denied all the claims regarding the fraud cases TSB revealed. Binance further added that no one from the bank security tried to reach or communicate with Binance, and it’s all just a lie. In addition, a spokesperson for the exchange declared:
“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.”
What about the Low-security standards of Kraken?
TSB is concerned about both Binance and Kraken. However, as Binance is the most famous cryptocurrency exchange, TSB tried to resolve the issues first.
But, at the same time, it did not mean that TSB is sparing Kraken.
Did you know? Kraken is one of the most docile cryptocurrencies in the world. It also is claimed to have the most trusted and highest euro-crypto exchange volume worldwide. And, in addition, Kraken is also identified as the biggest crypto exchange in the region.
The CEO and co-founder of Kraken, Jesse Powell, stated that they plan to go public in the coming 18 months.
According to the reports, The TSB bank also reached to Kraken and accused them of fraud cases. However, in reply to all the fraud accusations, Steven Christie, The global head of Kraken’s Compliance, stated that all the allegations TSB has put are false and further denied to the charges.
“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”.
However, the ban is still not enforced, and the bank is still planning to impose it. We can sit back, do our proper research and be aware of the ban and the effects it will cause the customers. Cryptocurrency is still too much misunderstood by people. So, before you invest, exchange or purchase, read research about it and go through the consequences to help you prepare for situations and frauds like these.