Cryptocurrency

Bank

David

Enhance

Security

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/kroo-bans-cryptocurrency-transactions-to-enhance-security/" data-wpel-link="internal">Kroo Bans Cryptocurrency Transactions to Enhance Security</a><br></p>
<p style="text-align: justify">London-based digital bank <strong>Kroo</strong> announced a significant policy change effective from May 30, 2024. To enhance the security of its users’ accounts and funds, Kroo decided to ban all transactions related to cryptocurrencies. This decision was outlined in the bank’s updated terms and conditions, stating that Kroo will stop processing bank transfers or card payments associated with <a href="https://en.coin-turk.com/exploring-the-dynamics-of-bitcoin-etfs-and-market-trends/" data-wpel-link="internal">crypto</a> asset providers.</p> 
<h2 style="text-align: justify" id="kroo-s-cryptocurrency-transaction-ban">Kroo’s Cryptocurrency Transaction Ban</h2> 
<p style="text-align: justify">Additionally, Kroo stated that accounts involved in crypto transactions would be subject to freezing or restrictions. In severe cases, accounts taking credit from crypto trading might face potential closure. The bank issued a stern warning that persistent involvement in such transactions could lead to account closures.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-357100 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/crypto-1.png" alt="" width="877" height="374"></p> 
<p style="text-align: justify">Kroo’s move comes amid a concerning rise in online fraud and corruption activities related to crypto. The UK’s <strong>Lloyds Bank</strong> recently issued a warning about the increase in crypto scams, particularly targeting young <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. Statistics revealed that victims of crypto fraud suffered significant losses, averaging £10,741 per person, surpassing losses from other types of fraud.</p> 
<h2 style="text-align: justify" id="other-banks-have-taken-similar-steps">Other Banks Have Taken Similar Steps</h2> 
<p style="text-align: justify">Starling Bank had previously banned crypto transfers in 2022, citing the high-risk nature of crypto activities. Similarly, Chase UK restricted customer access to crypto last October, citing concerns over potential illegal use.</p> 
<p style="text-align: justify">NatWest Bank in the UK also took measures to limit customers’ crypto spending, setting daily and monthly spending limits for crypto transactions. This collective stance among UK banks likely indicates growing skepticism towards cryptocurrencies, influenced by regulatory challenges and concerns surrounding transparency.</p> 
<p style="text-align: justify">Critics argue that Kroo’s complete ban on crypto transactions might be too harsh for the crypto community. They suggest that instead of imposing general bans, banks could focus on implementing more robust security measures to address theft and losses related to crypto transactions. David Janczewski, CEO of Blockchain protection company CoinCover, stated that preventive measures could be taken to address these issues effectively without alienating customers.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/kroo-bans-cryptocurrency-transactions-to-enhance-security/" data-wpel-link="internal">Kroo Bans Cryptocurrency Transactions to Enhance Security</a></h5>

Kroo Bans Cryptocurrency Transactions to Enhance Security

Table of Contents

COINTURK NEWS

Other articles published on May 29, 2024

SEC Issues New Warning to Investors on Crypto Securities Fraud

Crypto: Massive Bitcoin whale exits, the time for altcoins has come!

Ethereum Spot ETF Approval and US Stablecoin Bill: Capital Inflow Could Boost DTX Exchange by 12,...

FreeBnk X AMA Session With BeInCrypto

Blocksquare Hits $100M Tokenized RWA Triggering Launchpad Release (29 May)

El Salvador Sees Significant GDP Potential

Join our free newsletter for daily crypto updates!