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UK bank bans cryptocurrency amid fraud concerns with Binance and Kraken

TSB Banking Group Plc. is set to ban more than 5 million customers from buying cryptocurrencies amid fears over "excessively high" fraud rates on trading platforms, according to a report by the U.K.’s Telegraph newspaper.

The company is the latest British bank to crack down on financial cyber-crime following temporary moves by Barclays Plc, Monzo Bank and Starling Bank to block transfers of cash to cryptocurrency trading platforms, such as Binance, in recent weeks.

TSB will look to block crypto purchases where it spots fraudulent abuse of trading platforms and a ban will be introduced within weeks, according to the newspaper. The bank estimates that around one in eight payments to crypto trading platforms ended up with fraudsters, compared with one in 5,500 involving non-crypto transfers.

The bank said around two thirds of all crypto frauds hitting its customers were linked to the Binance platform, with 849 instances of customers losing money to scammers with Binance accounts in a single month between March 15 and April 15.


Date: 20.06.2021 [365]

Financial and Banking News
 UK bank bans cryptocurrency amid fraud concerns with Binance and Kraken

TSB Banking Group Plc. is set to ban more than 5 million customers from buying cryptocurrencies amid fears over "excessively high" fraud rates on trading platforms, according to a report by the U.K.’s Telegraph newspaper.

 How Women Can Impact the Middle Eastern Financial Industry: Layal Haykal Success Story

We’re in the 21st century and women are still mistreated in some parts of the world. Their rights are violated. They don’t have the opportunity to work on equal terms with men. They’re being kidnapped and sold no matter their age. This phenomenon is highly prevalent in the Middle East. The world is evolving from globalization to technological innovations while women there are still repressed and exploited. The same image women had several decades ago hasn’t changed heavily in our present times.

 Citigroup to exit 13 global consumer banking markets, including India and China

Citigroup announced April 15 it will exit 13 international consumer banking markets, shifting its focus to wealth management and away from retail banking in places where it is small.

 In-person GISEC 2021 to spark industry collaboration against cybercrime spike

GISEC, the most influential cybersecurity event in the Middle East and Africa, will provide an in-person meeting point for the cybersecurity ecosystem from 31st May-2nd June at Dubai World Trade Centre (DWTC). 13.04.2021 | Source: Dubai World Trade Centre

 Federally chartered banks can facilitate stablecoin payments, issue their own

The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions. 04.01.2021 | Source: Office of the Comptroller of the Currency

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