TSB to ban crypto over high fraud rates

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TSB to ban crypto over high fraud rates

By Alexandra Leonards

21/6/2021

TSB has joined a host of banks that have said they will ban cryptocurrency payments.

The bank is concerned about high fraud rates among crypto trading platforms.

Last month it was revealed that customers of Barclays, Starling, and Monzo had been blocked from transferring money to crypto platforms.

HSBC also said that it would not offer bitcoin to clients due to the cryptocurrency’s “volatility.”

TSB said that it is looking to block crypto purchases where it sees fraudulent abuse of their platforms.

“We take our obligation to protect customers extremely seriously and continually review merchants and websites with excessively high fraud rates,” said a TSB spokesperson.

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