As a seasoned crypto investor based in London, I’ve seen my fair share of ups and downs in this volatile market. But one thing that has become increasingly concerning is the rising number of online fraud cases linked to cryptocurrencies. So when I heard that Kroo Bank, my digital banking provider, was banning crypto transactions starting May 30, I couldn’t help but breathe a sigh of relief.
Beginning May 30, a digital banking institution based in London named Kroo, has announced that it will prohibit its clients from executing cryptocurrency transactions.
Kroo Bank’s reaction to increasing online fraud associated with cryptocurrency involves restricting or even closing certain customer accounts used for crypto trading and related transactions. This measure could lead to limitations on these services.
Starting from May 30, Kroo has refused to process cryptocurrency-related bank transfers and card transactions. Similarly, Starling Bank and Chase UK have implemented identical restrictions.
Approximately half of all financial fraud incidents in Russia during the year 2023 involved transactions using cryptocurrencies. Likewise, the US Federal Reserve has issued cautions regarding potential fraud issues when adopting cryptocurrencies and Central Bank Digital Currencies (CBDCs).
Kroo, with the goal of matching the capabilities of larger financial institutions, is partnering with industry peers to safeguard clients against potential hazards associated with cryptocurrencies.
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2024-05-29 09:08