Digital Banks in the UK Will Block Customer Accounts for Crypto Transactions
According to the bank's updated terms and conditions, starting May 30, 2024, Kroo will reject bank transfer requests or card transactions related to cryptocurrencies.
London-based digital bank Kroo has banned its customers from carrying out cryptocurrency transactions. The bank attributed this decision to the increasing association of crypto with fraud. Kroo joins fellow banks Starling Bank and Chase UK in blocking clients from engaging in crypto transactions.
According to the bank's updated terms and conditions, starting May 30, 2024, Kroo will reject bank transfer requests or card transactions related to cryptocurrencies.
"We may freeze or limit your account if you use your account to purchase or trade cryptocurrency or you receive credits to your account arising from cryptocurrency trading or transactions," the bank said in an official notice, quoted from Bitcoin.com, Wednesday (29/5/2024).
The bank added that if it detects such activity, it will not process the payments involved, and if the customer continues to make such transactions, the bank can close the customer's account.
The digital bank also warned it would take similar action if there were other legitimate reasons. Kroo also urged clients affected by these new conditions to instruct payment recipients who made direct debits to their accounts to stop such payments.
