TSB Bank Bars Customers From Sending Funds to Binance and Kraken

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In Brief
  • Over 800 TSB customers reported losing money to Binance-based scammers in the past month.

  • Reports show that TSB aims to bar crypto purchases from June.

  • TSB Head of Fraud Ashley Hart has been vocal throughout June about the dangers of crypto fraud.

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The UK bank TSB is enforcing a ban on its customers sending money to two major cryptocurrency exchanges. Following through on vows made at the start of June.

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The British institution will bar fund exchanges with both Binance and Kraken, amid financial crime concerns. This move has come amid reports that over 800 TSB customers reported losing money in scams based on the exchanges within the space of a month. 

Reports also indicate that the bank’s decision stems from concerns about these exchanges’ security standards. This supposed low level of security has reportedly led TSB to believe that Binance and Kraken are hotbeds for scammers and fraudsters. 

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It is their latest move against financial crime coming out of the crypto space. TSB has been particularly vocal about the associations between crypto and fraud throughout June. British newspapers first reported the bank’s aim to bar cryptocurrency purchased on June 1.

Since then, TSB’s Head of Fraud Ashley Hart has spoken out about the realities of crypto fraud in both newspapers and radio. One tweet from the TSB News Twitter account quoted Mr Hart to say:

“Anyone approached to invest in crypto should be extremely wary, as these approaches are overwhelmingly scams.”

Mr Hart has also been vocal about cryptocurrency regulation and consumer protection.

The ban, expected to come into effect in the next few days, will affect TSB’s 5 million strong customer base.

Other British banks make crypto bans

TSB is also the latest British institution to block its customers from making transfers to crypto exchanges in recent weeks. Again, due to financial crime worries.

At the end of May, reports revealed that another major UK bank, Barclays, was barring exchanges to Binance, as well as SwissBorg. Challenger banks such as Monzo and Starling joined them. Representatives from the latter firm clarified at the time that the measure would be temporary, and put in place for its customers’ protection.

Reports came in only days later that Starling would lift their ban on June 23.

At the time, reports cited that over £60 million had been lost in investment fraud scams conducted on social media. Nearly half of those reportedly involved cryptocurrency.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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