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UK Bank to Ban Cryptocurrency Purchases

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Mon, 06/28/2021 - 17:43
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Alex Dovbnya
Banco Sabadell's TSB Bank won't allow its customers to buy cryptocurrencies due to fraud concerns
UK Bank to Ban Cryptocurrency Purchases
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London-based TSB Bank—which is owned by Spanish banking giant Banco Sabadell—is intending to prohibit cryptocurrency purchases, according to a June 28 report by Business Insider.

It’s unclear when the ban will come into effect.

Crypto-related fraud appears to be the primary concern that influenced the decision, according to the bank’s spokesperson:

We take our obligation to protect customers extremely seriously and continually review merchants and websites with excessively high fraud rates.

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The ban might also have been prompted by the Financial Conduct Authority banning Binance Markets Limited from operating in the country last week. It's worth noting that all products and services offered by the Binance crypto exchange are still fully accessible in the U.K.

849 TSB customers lost money on Binance in the span of one month.  

As reported by U.Today, British digital bank Starling also suspended payments to cryptocurrency exchanges in late May to protect customers before resuming them in early June.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.