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TSB bans cryptocurrency amid fraud concerns with Binance and Kraken

19 points by edward 5y ago

enlyth 5y ago
https://archive.is/v0Bp4 https://archive.is/v0Bp4
kgraves 5y ago
about time, plenty more of these to come. downvoters: tsb, natwest, barclays and more banks are blocking these exchanges with illicit activity. this is a good thing. I am being proven right no matter if you downvote or flag. say no more.
- Normille 5y ago
  So, you think it's OK that your bank decides what you can do with your own money? What if 'for your own good' your bank decides to block any purchases you try to make at your local fast food shop?.. or off-licence?.. or betting shop? You OK with that too?
  - deleted 5y ago
    [deleted]
  - kgraves 5y ago
    they are regulated banks by the FCA in the UK, it is literally their job to enforce this. maybe if cryptocurrency and those exchanges was regulated you would see less of this blocking happening.
gruez 5y ago
>The Times has learnt that TSB is preparing to block its customers from sending money to trading sites such as Binance and Kraken because it believes scammers are being allowed to set up e-wallets and steal people’s money because of weak security checks. But western union, wire transfers, and itunes gift cards are totally fine right?
adventurer 5y ago
Scammers? Binance itself automatically locked my account due to a software glitch. No notice and severely lacking in customer service. It took 2+ weeks for a human to respond and escalate the issue. They have very low trading fees but surprisingly the withdraw fees are rather high. The best platform as far as I’m concerned but I’m not sure how can I go back now.
x4e 5y ago
I’m surprised by the inclusion of Kraken here as Kraken has very strong AML checks if you want to deposit from a bank account. My conspiracy theory is that banks are using this as an excuse to prevent their customers from adopting cryptocurrencies. Of course people don’t want to keep their money in banks during these interest rates and if you see 10x gains in cryptocurrency why not put your money in an exchange. This kind of behaviour should be banned, how does it make any sense to ban everyone from sending their money to a service just because a very small proportion of users changed their mind later. The solution is not to impose these restrictions but to better educate customers. Luckily my bank has taken the decision to not ban these services.

19 points by edward 5y ago

https://archive.is/v0Bp4 https://archive.is/v0Bp4

about time, plenty more of these to come. downvoters: tsb, natwest, barclays and more banks are blocking these exchanges with illicit activity. this is a good thing. I am being proven right no matter if you downvote or flag. say no more.

Normille 5y ago
So, you think it's OK that your bank decides what you can do with your own money? What if 'for your own good' your bank decides to block any purchases you try to make at your local fast food shop?.. or off-licence?.. or betting shop? You OK with that too?
- deleted 5y ago
  [deleted]
- kgraves 5y ago
  they are regulated banks by the FCA in the UK, it is literally their job to enforce this. maybe if cryptocurrency and those exchanges was regulated you would see less of this blocking happening.

gruez 5y ago

>The Times has learnt that TSB is preparing to block its customers from sending money to trading sites such as Binance and Kraken because it believes scammers are being allowed to set up e-wallets and steal people’s money because of weak security checks. But western union, wire transfers, and itunes gift cards are totally fine right?

adventurer 5y ago

Scammers? Binance itself automatically locked my account due to a software glitch. No notice and severely lacking in customer service. It took 2+ weeks for a human to respond and escalate the issue. They have very low trading fees but surprisingly the withdraw fees are rather high. The best platform as far as I’m concerned but I’m not sure how can I go back now.

x4e 5y ago

I’m surprised by the inclusion of Kraken here as Kraken has very strong AML checks if you want to deposit from a bank account. My conspiracy theory is that banks are using this as an excuse to prevent their customers from adopting cryptocurrencies. Of course people don’t want to keep their money in banks during these interest rates and if you see 10x gains in cryptocurrency why not put your money in an exchange. This kind of behaviour should be banned, how does it make any sense to ban everyone from sending their money to a service just because a very small proportion of users changed their mind later. The solution is not to impose these restrictions but to better educate customers. Luckily my bank has taken the decision to not ban these services.