As per the latest reports, the TSB Banking Group Plc. is aiming to drop a huge bomb on its customers. The reports suggest that the platform is aiming to ban customers from investing in or purchasing cryptocurrencies. The firm is very much concerned with the utility of Bitcoin (BTC) and other cryptocurrencies. Therefore, it does not want the users to invest in them and they end up regretting it.

TSB Banking Group Plc. is a major financial institution that is based in the United Kingdom. The particular banking giant has reportedly barred/banned several million customers from investing in cryptocurrencies. According to states, the TSB Banking Group Plc. currently has over 5.4 million customers.

In the statement, the TSB Banking Group Plc. has provided clarification as to why it has taken such a step. Initially, the firm talked about the risks and difficulties that are involved when investing in cryptocurrencies.

The TSB Banking Group Plc. is among the banking institutions that would be really hard to crack when it comes to accepting cryptocurrencies. The banking institution strongly believes that cryptocurrency is one of the major mediums for fraudulent and money laundering activities.

The banking firm follows the same trail as other regulators in the country when it comes to denying the presence and importance of cryptocurrencies.

According to the bank, they have started receiving many complaints from their customers related to fraud cases in cryptocurrencies. With the passage of time, the number of transactions in terms of cryptocurrencies is constantly on the rise.

The firm has also revealed that as per their data collection, around 12.5% of the transfers being made to the crypto exchanges are for the purpose of criminal activities and money laundering.

The banking giant has alleged that the majority of the transactions related to cryptocurrency frauds are originating from Binance. Binance is one of the largest cryptocurrency exchanges in the entire world. It recently had its services banned in the United Kingdom by the Financial Conduct Authority (FCA).

The regulatory authority revealed that it had resorted to banning Binance’s cryptocurrency-related services in the United Kingdom over regulatory concerns. The regulator announced that it is currently investigating the matter and until the investigation is complete, the exchange is banned from operating in the UK.

The banking firm is claiming that Binance has been involved or has aided such entities that were involved in crypto-fraudulent activities. The firm has revealed that it had recorded a total of 849 instances in regard to cryptocurrency scams between March and April. Out of the total instances, two-thirds of them involved Binance exchange.

Bank TSB is not the only bank that has warned its users against the ongoing cryptocurrency scams. Just recently, the NatWest bank also went ahead and issued a cryptocurrency scam alert for its customers and it reportedly did it back in May of 2021.