The UK's TSB Banking Group plans to ban more than 5 million customers from buying cryptocurrencies for fear of fraud when they pay to some of the trading platforms represented by (Binance), according to people familiar with the matter.

It is reported that TSB will stop cryptocurrency trading if someone is found to be abusing the trading platform for fraud, and will issue a ban within a few weeks. The bank estimates that one in eight payments to the encrypted currency trading platform ends up being defrauded, compared with only one in 5500 transactions involving unencrypted currency transfers.

The bank also said that about 2/3 of all cryptocurrency fraud suffered by its customers was related to the currency security platform, and that in the month from March 15 to April 15 alone, 849 customers were cheated by fraudsters who used currency security accounts.

TSB is the latest British bank to crack down on financial cyber crime. In recent weeks, Barclays, Monzo Bank and Starling Bank have taken action to prevent customers from transferring cash to cryptocurrency trading platforms such as Yuan an.