UK Bank Bans Binance and Kraken Crypto Exchanges By CoinQuora – - Financial Markets Worldwide

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Cryptocurrency13 hours ago (Jun 20, 2021 04:30AM ET)

UK Bank Bans Binance and Kraken Crypto Exchanges UK Bank Bans Binance and Kraken Crypto Exchanges

  • UK bank TSB is banning its customers from buying crypto from Binance and Kraken.
  • The bank claims the exchanges have low-security standards which enable scammers.
  • Also, TSB claims it unsuccessfully tried to contact both exchanges to resolve the issue.

UK-based TSB Bank is taking measures to protect its customers from ‘excessively high’ risk associated with crypto trading. Specifically, the bank is restricting its customers from buying crypto using funds the bank manages.

The Sunday Times reported that TSB is in the process of banning its customers from buying crypto via Binance and Kraken crypto exchanges. Notably, TSB is a retail and commercial bank and a subsidiary of Sabadell Group. Also, the bank has a 5 million strong client base. As such, if the ban goes through this would be a significant blow to the two exchanges.

However, the bank cited low-security standards on both Bin…

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