FINANCE
UK Digital Bank Blocks Clients From Performing Crypto Transactions
The London-based digital bank Kroo has barred its clients from engaging in cryptocurrency transactions, joining other U.K.-based banks in this decision. The bank cites the increasing cases of online fraud incidents involving crypto currencies as the reason for this move.
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FINANCE
UK Digital Bank Blocks Clients From Performing Crypto Transactions
UK Digital Bank Blocks Clients From Performing Crypto Transactions
Terence Zimwara
By Terence Zimwara
The London-based digital bank Kroo has barred its clients from engaging in cryptocurrency transactions, joining other U.K.-based banks in this decision. The bank cites the increasing cases of online fraud incidents involving crypto currencies as the reason for this move.
Kroo to Decline Cryptocurrency-Related Bank Transfer Requests
London-based digital bank Kroo has barred its customers from performing cryptocurrency transactions. The bank attributes this decision to the increased association of crypto with scams. Kroo joins fellow banks Starling Bank and Chase UK in blocking clients from engaging in crypto transactions.
According to the bankâs updated terms and conditions, starting from May 30, 2024, Kroo will decline bank transfer requests or card transactions associated with crypto currencies.
â[We can freeze or restrict your account if] you use your account to purchase or trade in cryptocurrency or you receive credits to your account which arise from cryptocurrency 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,â the digital bank explained.
