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Kroo implements ban on crypto transactions due to increase in fraud and scams
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May 29, 2024
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May 29, 2024

Kroo implements ban on crypto transactions due to increase in fraud and scams

Product updates

  • Kroo, a UK-based digital bank, announced that it will no longer allow its users to conduct cryptocurrency transactions on its platform due to increased related fraud and scams.

  • Customers who continue to make cryptocurrency transactions may face potential account closure, with the bank also advising customers to instruct payees making related direct debits to halt such payments. 

  • Analyst QuickTake: Kroo's revised terms and conditions echo similar measures adopted by other UK banks like Starling Bank and Chase UK, which have also ceased cryptocurrency transactions due to concerns over increasing scams and fraud. There has been a 41% surge in crypto-related fraud in the UK, resulting in a record loss of GBP 306 million (USD 372.3 million).

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