Bank bosses in the UK, customers due to fraud and fluctuation concerns cryptocurrency Members of parliament were informed today that he was blocking access to his assets.
Social media and tech platforms have been cited as a major source of fraud, but executives told the Treasury Selection Committee that the new regulations could boost trust.
UK Bank Representatives Admit They Are Barring Their Clients From Switching To Cryptocurrency Assets
“As a bank, we have taken a pretty tough stance on crypto,” Alison Rose, CEO of NatWest Group, told the House of Commons committee.
“We are looking at it from the perspective of fraud,” Rose said. We know this can be disappointing for customers because they may want to invest, it’s their money, but if we prove it’s a significant fraud, we block them.” he added.
“We need to stop this at the root,” Rose said, citing statistics showing that 60% of customers who suffer from fraud originate from social media or technology platforms.
Other executives questioned by the committee were also skeptical of crypto, but noted that there is hope in the new rules proposed for the industry by the UK Treasury last week.
“We are very supportive of regulation and regulators’ view of crypto regulation, our focus will always be on customer acquisitions in this context,” said Charlie Nunn, CEO of Lloyds Bank.
“Lloyds Banking Group’s bitcoin And I don’t think he’d want to promote cryptocurrencies, but if our clients choose to invest in cryptocurrencies, we want to make sure it’s as safe as possible.”
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!