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UK Bank TSB Set to Ban Crypto Buying Due to E-Wallet Scam Concerns: Report
The company is the latest U.K. bank to act to crack down on cyber-crime.
Updated Sep 14, 2021, 1:13 p.m. Published Jun 19, 2021, 4:00 p.m.
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.
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- 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."
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
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