The Bank of Ireland has told thousands of customers they will be barred from buying cryptocurrencies such as Bitcoin on their credit cards, following warnings from the Bank of Ireland that using such currencies is not a “safe” investment.
Bank TSB has become the first leading European bank to bar customers from buying cryptocurrencies. 5.4 million customers in the UK will no longer be allowed to buy crypto. The bank has said it will cut ties with crypto businesses and those that have been operating with ‘suspicious activity’.
Bank TSB, the Irish-owned Irish banking group, has announced it is to ban Irish customers from using their credit cards to purchase bitcoin and other cryptocurrencies. The announcement comes as the Bank of England has warned that Britons should be wary of investing in cryptocurrencies, following a sharp rise in the value of bitcoin in 2017. The Bank’s Financial Stability Report warned of a number of risks involved in virtual currencies.
British financial institution TSB Banking Group Plc will soon ban its more than 5.4 million customers from buying bitcoin (BTC) and cryptocurrencies.
According to a Telegraph report on Saturday, the bank’s impending cryptocurrency ban was prompted by an alleged fraud in cryptocurrency transactions.
TSB Bank has reportedly received numerous customer complaints about cryptocurrency fraud. Indeed, about 12.5 percent of payments on cryptocurrency platforms are transactions, compared to one in 5,500 for non-virtual currency transfers, the British bank said.
Cryptocurrency exchange giant Binance has reportedly been linked to an increase in cryptocurrency fraud complaints filed by its customers. Two-thirds of the suspected cases occurred at Binance, with 849 cases occurring between mid-March and mid-April.
As Cointelegraph previously reported, British bank NatWest issued a crypto fraud warning in May after receiving a record number of complaints in the first quarter. In early April, the bank sent an anti-cryptocurrency message to its customers, asking them to stay away from cryptocurrencies.
In addition to Binance, TSB Bank has identified the US exchange service Kraken as another platform that has been linked to a significant number of alleged fraud cases. The Bank of Britain also accuses cryptocurrency exchanges of failing to respond to customer complaints related to fraud.
Commenting on the plans to ban cryptocurrencies, a TSB Bank spokesperson said the bank had a duty to protect customers from platforms with excessive levels of fraud.
TSB Bank joins a growing list of UK financial institutions that have banned their customers from using cryptocurrencies. In addition to NatWest, other UK banks, such as Barclays and Starling, have also banned their customers from depositing money on cryptocurrency trading platforms.
Related: British bank Starling takes over cryptocurrency deposits at end of June
In early June, Starling announced that it would be taking customers from 23… In June, it would again be possible to deposit cash on cryptocurrency exchanges.
Earlier this year, HSBC began banning its customers from transferring profits from cryptocurrency exchanges into their bank accounts.
Although there is no ban on cryptocurrencies in the UK, regulators remain critical of cryptocurrencies. In May, Andrew Bailey, governor of the Bank of England, warned that investors in cryptocurrencies were at risk of losing all their money.
Bailey’s comments echo a similar warning from the UK Financial Services Authority in January.Bank TSB is the latest bank to ban 5.4 million customers from trading in cryptocurrencies and ICOs. In a press release on its website, the bank states that it will “bar all customers from using its current account facilities to buy or sell virtual currency and exchange traded tokens, otherwise referred to as cryptocurrencies”.. Read more about bitcoin bank official website and let us know what you think.
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