Reserve

Bank

United

Starting May 30, U.K. digital bank Kroo will prohibit its customers from conducting cryptocurrency transactions.&nbsp; 
Kroo, a London-based digital bank, has announced that it will no longer allow its customers to conduct crypto transactions. This decision is in response to the increasing number of online fraud cases and <a href="https://crypto.news/lloyds-bank-issues-urgent-warning-of-crypto-scams-in-the-uk/" target="_blank" rel="">scams</a> associated with crypto.&nbsp; 
According to the bank’s <a href="https://kroo.com/documents/current-account-terms-and-conditions.html#h.g6c1tsfo8dur" target="_blank" rel="">terms and conditions</a>, Kroo will restrict an account if “you use your account to purchase or trade in cryptocurrency or you receive credits to your account which arise from crptocurrency trading or transactions. If we detect such activity we will not process the payments involved, and if you persistently make such transactions we may close your account.”&nbsp; 
Kroo can also freeze accounts if they suspect crypto use. 
“From 30 May 2024, we will no longer support bank transfers or card transactions associated with cryptocurrencies,” the bank wrote. 
Kroo is a challenger bank aiming to compete for business against large, well-established banks. It is following other U.K. challenger banks, such as Starling Bank and Chase UK, in <a href="https://tech.eu/2024/05/24/kroo-latest-challenger-bank-to-bank-crypto/" target="_blank" rel="">issuing bans</a> on cryptocurrencies.&nbsp; 
<h2 class="wp-block-heading" id="bank-warnings-against-crypto-fraud">Bank warnings against crypto fraud&nbsp;</h2> 
Many global banks have criticized crypto as being less safe than perceived. Some argue that crypto is not as anonymous as many people think. 
In February, the Central Bank of Russia <a href="https://crypto.news/russian-central-bank-nearly-half-of-all-financial-scams-in-russia-last-year-involved-crypto/" target="_blank" rel="">disclosed that nearly half</a> of the financial fraud schemes within the country in 2023 used cryptocurrency and foreign currencies for payments. 
In the United States, Federal Reserve authorities <a href="https://crypto.news/federal-reserve-bank-of-atlanta-urges-caution-while-embracing-crypto-in-banking/" target="_blank" rel="">have stressed</a> the potential of fraud and scams if banks embrace crypto and adopt Central Bank Digital Currencies (CBDCs).

UK Bank to ban customers from performing crypto transactions starting May 30

Table of Contents

crypto.news

Other articles published on May 28, 2024

XRP Ledger Sparks Unprecedented 350% Rally Amid Payments Boom

Mt. Gox Denies $10B Bitcoin Selloff For Repayment

Major Solana Meme Coin Dogwifhat (WIF) Skyrockets 25% in All-Time High Run

OpenAI Forms Oversight Board Led by Sam Altman

Mt. Gox unveils truth behind 140K Bitcoin transfer

Former FTX Executive Ryan Salame Sentenced To Over 7 Years In Prison

Join our free newsletter for daily crypto updates!