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U.K. bank TSB is set to ban its more than 5 million customers from purchasing cryptocurrencies amid concerns over “excessively high” rates of fraud on trading platforms, according to a report in The Times.
According to the report, TSB is planning to block its 5.4 million customers from sending money to trading platforms such as Binance and Kraken on concerns scammers are being allowed to set up e-wallets and steal people’s money because of inadequate security checks.
Binance is reportedly of particular concern to the bank because about two-thirds of all frauds involving crypto were tied to the Binance platform, the report said. In one 30-day period, 849 TSB savers reported losing funds from Binance accounts, the Times reported.
The report also said the bank claims that Binance “hardly ever” responds to allegations of customer fraud, claims both Binance and Kraken denied, the Times said.
The company is the latest U.K. bank acting to crack down on cybercrime.
A spokesman for Binance told the Times it takes its responsibility to protect users from fraud “very seriously.”