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Analysis

Bank of England bans buying cryptocurrencies from Binance and Kraken Exchanges Exchange

June 21, 2021 - Around 2 mins mins to read

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

Bank of England bans crypto purchases from the Binance and Kraken 3 exchanges

TSB Bank will prohibit customers from buying crypto with money through Binance and Kraken. Obviously, the minimal safety criteria of these platforms make the actions of crawlers simpler, especially when establishing digital wallets. The reason cited was worries about excessive fraud rates associated with cryptocurrency exchanges operating in the country.

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

Without directly mentioning TSB, a Binance spokesperson reiterated the market’s commitment to working for the security of its clients and ensuring that business policy takes precedence over the issue:

Binance takes its obligation to protect users from fraud very seriously. When we became conscious of those allegations, we took immediate action and have a superb track record of working together with law enforcement agencies.

But Kraken is far more open at TSB. Steven Christie, Global Head of Compliance in Kraken, denied that the TSB allegations but didn’t mention that the stance they would take on this new possible fraud epidemic:

We reject the allegation that Kraken didn’t respond to calls for help regarding episodes of fraud. Kraken reacted well to over 1,000 unique queries in 2020 alone. We completely comply with the law.

A recent poll from the UK Financial Regulator found that the amount of crypto investors has increased year-over-year, as has the average retail price.

This is a worrying development for law enforcement and crime prevention agencies as it offers a platform for scammers and offenders to tap into a bigger pool of potential victims that are less fortunate than in prior years. Not just were Binance and Kraken in trouble, just 3 months past FCA got in the way and Bybit needed to cease operations in britain.

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Analysis

Bank of England bans buying cryptocurrencies from Binance and Kraken Exchanges Exchange

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

Bank of England bans crypto purchases from the Binance and Kraken 3 exchanges

TSB Bank will prohibit customers from buying crypto with money through Binance and Kraken. Obviously, the minimal safety criteria of these platforms make the actions of crawlers simpler, especially when establishing digital wallets. The reason cited was worries about excessive fraud rates associated with cryptocurrency exchanges operating in the country.

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

Without directly mentioning TSB, a Binance spokesperson reiterated the market’s commitment to working for the security of its clients and ensuring that business policy takes precedence over the issue:

Binance takes its obligation to protect users from fraud very seriously. When we became conscious of those allegations, we took immediate action and have a superb track record of working together with law enforcement agencies.

But Kraken is far more open at TSB. Steven Christie, Global Head of Compliance in Kraken, denied that the TSB allegations but didn’t mention that the stance they would take on this new possible fraud epidemic:

We reject the allegation that Kraken didn’t respond to calls for help regarding episodes of fraud. Kraken reacted well to over 1,000 unique queries in 2020 alone. We completely comply with the law.

A recent poll from the UK Financial Regulator found that the amount of crypto investors has increased year-over-year, as has the average retail price.

This is a worrying development for law enforcement and crime prevention agencies as it offers a platform for scammers and offenders to tap into a bigger pool of potential victims that are less fortunate than in prior years. Not just were Binance and Kraken in trouble, just 3 months past FCA got in the way and Bybit needed to cease operations in britain.

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