Britain doesn't like cryptocurrency too much
British banks are transferring to make it more and more hard for their clients to get involved in the cryptocurrency market, citing security and fraud concerns.
TSB Bank argues and justifies its ban due to the excessive price of fraud associated to cryptocurrency trading systems running in the country.
Banning cryptocurrency trading systems for security reasons:
According to “The Times” newspaper, which stated that it has dependable records that TSB Bank will ban the buy of cryptocurrencies with money with the aid of Binance and “Kraken”, given, in accordance to the bank’s view, the low protection standards of these systems that facilitate the work of fraudsters, specifically the education of wallets. e.
The financial institution claims that all attempts to contact Binance have been unsuccessful.
Meanwhile, Binance says it has in no way obtained any messages from the bank's security team.
Without without delay referring to TSB, a Binance spokesperson reiterated the buying and selling platform's dedication to working for the security of its customers, emphasizing that it is the company's coverage to prioritize resolving the issue:
Binance is very serious about its accountability to protect users from fraud.
When we grow to be aware of these allegations, we take motion immediately and have an super record of working with regulation enforcement agencies.
But the Kraken spokesperson was once greater direct:
Stephen Christie, Kraken's global head of prison compliance, denied the TSB allegations, even though he did not point out what position they would take on the matter, stating:
We categorically reject the declare that Kraken does no longer reply to requests for assistance with fraud incidents.
Kraken operates in full compliance with regulation enforcement agencies.
So far, TSB has no longer issued any professional assertion involving its stance on Binance or Kraken, then again the activity of UK regulators in overseeing crypto-related endeavor is growing.
Recently, a survey by using the UK Financial Conduct Authority printed that the number of cryptocurrency buyers has multiplied from remaining year, as well as the average fee of cryptocurrency holdings through retail traders.
The FCA also determined that the number of people who had a bad perception of cryptocurrency also expanded even even though they invested in it.
This is a annoying improvement for regulation enforcement and crime prevention agencies, as it presents fertile ground for fraudsters and criminals to take gain of a doubtlessly larger pool of much less aware victims than in previous years.
Posted Using LeoFinance Beta