Unlike other banks that are starting to embrace cryptocurrencies, British banks are on the opposite end with their reported plans to launch strict measures on crypto transactions. 

British newspaper The Times has reported that TSB financial institutions have plans to ban anyone from purchasing cryptocurrencies using money managed by TSB. 

TSB has no official announcements yet, but the reported ban is seen by many as a possibility. 

For safety reasons

According to the report, TSB plans to counter the fast-growing number of fraud transactions related to cryptocurrencies. It also added that TSB would soon officially ban the purchase of crypto from funds coming from Kraken and Binance. 

It is everybody’s knowledge that the security requirements for these platforms are weak, which is the main reason why they are being used for illegal activities. 

A study revealed that TSB has received 849 fraud complaints from Binance customers between March 15 and April 15. 

As a response, Binance released a statement assuring the public that it is continuously working to provide additional layers of security for its customers. Binance also added that it is working closely with the authorities to better track down illegal activities on its platform. 

Denials

Aside from Binance, Kraken was also entangled with the fraud reports but denied their platform’s involvement with the reported illegal activities. 

Steven Christie, global director of compliance at Kraken, denied the criticisms that Kraken isn’t responding to the complaints of its customers. 

He made it clear that the company is actively responding to the complaints. Kraken has responded to more than 1,000 requests from authorities in 2020 alone, he added.

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/blockchain/uk-banks-thumb-down-transactions-from-binance-and-kraken/