Bank TSB has announced that it will close all of its current accounts with Bitcoin, Ethereum and Litecoin as part of a new anti-fraud initiative. Speaking on Twitter, the bank said that the move was “part of a new anti-fraud initiative”. The new account closures are expected to come into effect on April 17th 2017.
Bank TSB is Ireland’s largest bank, with a €3.5 billion balance sheet. It is a subsidiary of the Bank of Ireland Group, which also owns INBS (Ireland’s largest credit union) and Bank of Ireland (Ireland’s second largest bank). Bank TSB has recently announced that it will be banning the use of cryptocurrencies from customers’ accounts, in order to protect against fraud and money laundering. This will be effective from 2nd of November 2017, and most cryptocurrencies like Bitcoin and Ethereum will be removed from your account.
The Bank TSB has banned the use of cryptocurrencies to buy or sell goods and services, citing concerns about money laundering and the risk of fraud.
Summary of the situation
– TSB bank wants to ban crypto-currencies generated on Binance platform due to fraud.
– TSB Bank joins regulators in the UK and China.
Retail banking group TSB is developing a plan to ban its users from trading in cryptocurrencies. This is due to the fear that virtual currencies are part of a fraudulent system. TSB is the latest UK regulator to crack down on cryptocurrencies and financial crime.
Previously, organizations such as Starling Bank, Monzo Bank and Barclays Plc blocked cryptocurrency transactions. These measures mainly affect platforms like Binance, which dominate the global market.
The UK authorities are not happy with the cryptocurrency market and are therefore trying to regulate it. This comes on top of the rules China has put in place against decentralized currencies. Although there are reasons for the authorities to take these measures, it is considered that they have gone too far.
TSB Bank wants to ban crypto-currencies as soon as possible
The UK’s retail banking authority plans to ban cryptocurrencies as soon as possible. Indeed, the organization wants to quickly activate a blockchain plan to prevent cyber fraud. Unsurprisingly, cryptocurrency fraudsters have also reached UK borders in the wake of the pandemic.
A few hours ago in San Antonio, Texas, a financial services company was charged with fraud. Just as these cyber thefts are happening in the United States, parts of Europe may also be vulnerable. The bank also wants to ban cryptocurrencies to prevent money laundering.
The bank estimates that 3 in 10 transactions involving cryptocurrencies end in fraud or supporting crime. For comparison, 5,500 secure escrow transactions on the bank’s platform.
TSB Bank denies Binance transactions
In its announcement, TSB Bank claimed that two-thirds of virtual fraud occurs on the Binance platform. To ban cryptocurrencies, the bank believes the platform is unsafe and full of scammers, and believes it offers no guarantees to its customers. According to TSB Bank, more than 849 customers have lost money on its platform using the fiat Binance cryptocurrency exchange system.
TSB Bank’s plan to ban cryptocurrencies is in the works and may be approved soon. The bank joins a long list of regulators in the UK that refuse to accept cryptocurrency transactions.
Many people still support cryptocurrencies, even despite this proposed ban on cryptocurrencies. The reports may make the market more inaccessible, but they won’t deter new investors. For every bank that blocks cryptocurrencies, new methods must emerge so that investors can trade without being disrupted.The European Central Bank (ECB) has just issued an official warning against the use of virtual currencies, citing the risks associated with them and calling for a ban on using any type of cryptocurrency in the Eurozone.. Read more about bitcoin leverage liquidation and let us know what you think.
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