TSB bans cryptocurrency amid fraud concerns with Binance and Kraken

I’m surprised by the inclusion of Kraken here as Kraken has very strong AML checks if you want to deposit from a bank account.

My conspiracy theory is that banks are using this as an excuse to prevent their customers from adopting cryptocurrencies. Of course people don’t want to keep their money in banks during these interest rates and if you see 10x gains in cryptocurrency why not put your money in an exchange.

This kind of behaviour should be banned, how does it make any sense to ban everyone from sending their money to a service just because a very small proportion of users changed their mind later. The solution is not to impose these restrictions but to better educate customers.

Luckily my bank has taken the decision to not ban these services.

Scammers? Binance itself automatically locked my account due to a software glitch. No notice and severely lacking in customer service. It took 2+ weeks for a human to respond and escalate the issue. They have very low trading fees but surprisingly the withdraw fees are rather high. The best platform as far as I’m concerned but I’m not sure how can I go back now.

>The Times has learnt that TSB is preparing to block its customers from sending money to trading sites such as Binance and Kraken because it believes scammers are being allowed to set up e-wallets and steal people’s money because of weak security checks.

But western union, wire transfers, and itunes gift cards are totally fine right?

about time, plenty more of these to come.

downvoters:

tsb, natwest, barclays and more banks are blocking these exchanges with illicit activity. this is a good thing.

I am being proven right no matter if you downvote or flag.

say no more.