TSB Bank, a British banking institution, is considering suspending its crypto purchases due to fraud concerns. The company in recent times has shown an increase in the cases of fraud related to crypto. Based on the experience with transactions regarding Binance and Behemoth Exchanges. The company has taken this extreme decision.
The bank is expected to come into effect in the coming weeks. Bank has a customer base of 5 million, who will be cut off from the crypto economy due to this decision. The bank has stated its intention very clearly saying:
We take our obligation to protect customers extremely seriously and continually review merchants and websites with excessively high fraud rates.
The numbers by the bank are really high, according to the report one-eighth of the transactions were fraudulent. The bank also cited that crypto platforms have low customer support standards. Therefore, these come as bad representation towards the bank that has nothing to do with it.
Big Exchanges Named
The bank in their statement named two exchanges in particular, Binance and Behemoth. Binance is the biggest crypto exchange in the world. Moreover, it also has a very bad reputation when it comes to scams on it platform.
However, Binance representatives denied everything saying that the exchange has always been very serious about such claims. TBS is not the only bank to accuse Binance. Barclays and Starling both accused Binance last year and blocked crypto payments as well.
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