London’s Kroo Bank Halts Crypto Transfers, Points to Scam Risks

• Kroo Bank announces ban on crypto transactions, citing increasing cases of crypto scams.
• From May 30, 2024, Kroo Bank will not support any cryptocurrency-related transactions.
• The FCA cautioned banks against the increasing threats following Lloyd’s report, which highlighted a 23% hike in crypto scams.

Kroo Bank, a London-based challenger bank, has banned its clients from engaging in crypto transactions, citing the growing scams and hacks. The bank stated that cryptocurrencies are “increasingly being used by fraudsters as a way to scam people.”

In its Terms and Conditions, Kroo Bank recently updated its amendments, asserting that it will no longer support crypto transactions beginning May 30, 2024. The statement read:

“To help keep your account and money safe, we are introducing some restrictions to the type of payments you can make or receive with your Kroo account. From 30 May 2024, we will no longer support bank transfers or card transactions associated with cryptocurrencies.”

Explaining the driving force behind Kroo Bank’s strategic decision, the platform stated, “We have made this decision because cryptocurrencies are increasingly b…

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