A Major UK Bank Officially Bans Cryptocurrency Transactions

Kroo, a digital bank based in London, has announced its decision to prohibit customers from engaging in cryptocurrency transactions. This move is a response to the rising number of online fraud cases and scams linked to cryptocurrencies.

As per Kroo’s updated terms and conditions, the bank will impose restrictions on accounts involved in cryptocurrency activities. Specifically, if an account is used to purchase or trade cryptocurrencies, or if credits from cryptocurrency transactions are received, Kroo will block the payments. Persisting in such activities may lead to the closure of the account. Additionally, the bank reserves the right to freeze accounts if any suspicion of crypto-related use arises.

Effective from May 30, 2024, Kroo will no longer support bank transfers or card transactions associated with cryptocurrencies, as stated by the bank.