• UK challenger bank, Kroo, has banned cryptocurrency transactions, effective May 30.
• The bank echoes actions undertaken by other banks due to an escalation in fraud cases.
• Regulators and financial services providers have warned of online scams.

Kroo Bank, a London-based challenger bank has barred its customers from carrying out cryptocurrency transactions amid fraud concerns.

Kroo says the decision results from the growing number of online fraud cases and cryptocurrency scams, with fraudsters taking advantage of digital assets to dupe unsuspecting individuals. The ban is with effect from May 30.

Kroo Bank Trails Other Banks

The ban is not unique to Kroo customers alone. It echoes decisions by other challenger banks like Chase UK and Starlink who have implemented similar bans on crypto transactions as banks exhibit a collective concern over rising crypto fraud in the banking sector.

An update to the bank’s terms and conditions reflects the new directive.

“To help keep your account and money safe, we are introducing some restrictions to the type of payments you can make or receive with your Kroo account,” said the bank.

“From 30 May 2024, we will no longer support bank transfers or card transactions associated with cryptocurrencies.”

Kroo Bank

As part of the implementation of the initiative, Kroo indicated it would reject any payments made to cryptocurrency asset providers. The bank has also vowed not to process bank transfers that are related to cryptocurrency assets.

Banks Warn of Increased Fraud

The development comes as banks have warned of a spike in online fraud. Last year, Lloyds said cryptocurrency scams rose by 23 percent compared to prior year. The Financial Conduct Authority (FCA) cautioned the market on the dangers of investing in cryptocurrencies and the risk of being scammed.

In December 2022, Kroo “made a splash” with the launch of its current account product with an interest rate of 4.35%. The UK-licensed banking institution bagged an estimated 150,000 clients within the first year since the launch of the current account.

In 2023, Kroo reportedly raised £2 million from investors in a crowdfunded capital raising, which puts a pre-money valuation of £120 million on the bank. According to Crunchbase, Kroo has raised $74 million in total.

Ban To Bring Scrutiny and Transparency

While the ban on cryptocurrency transactions may inhibit the adoption of cryptocurrencies, it can also result in the reduction of fraudulent activities within the crypto market, and overall, a more secure ecosystem.

According to Ctol, this is also likely to reverberate across the cryptocurrency landscape, having an impact on both platforms and investors. Kroo’s move is expected to influence decision-making processes by other UK-based fintech companies, therefore reshaping the financial landscape and the broader tech space.

• Players can win rewards from a pool of 20,000 AXS in Axie Infinity Homeland
• The Cooking Showdown event will kick off on the 22nd of May and run until the 5th of June.
• Land types will have a big impact on the rewards.

Axie Infinity Homeland is offering rewards from a pool of 20,000 AXS as part of its Cooking Showdown event from 22nd May to 5th June. At the end of the event, the top 5000 players on the leaderboard will be rewarded.

Also read: Earn Rewards in Duet Monsters From Axie Infinity Creator Sky Mavis

Like always, Axie Infinity is back with another play-to-earn event. This time, Axie Infinity Homeland players can participate in the Cooking Showdown event and win rewards from a pool of 20,000 AXS – worth almost $150,000 at the time of this writing. However, to be eligible for the reward, players must land in the top 5000 spots on the leaderboard. Here’s a list of items that players can cook:

How Will Players Rise to the Top of the Leaderboard?

Players can check their real-time progress on the event leaderboard. Rising to the top of the leaderboard will require players to craft various dishes and accumulate points. However, for the points to be counted, all these activities need to be done during an Individual Timer. Also, players must note that the timer can only run for 2 hours per day, and the leftover time cannot be rolled to the next day.

Also read: Axie Infinity Price Prediction 2023-2032: Aligning Rewards With AXS

The Land Type Will Impact Your Rewards in Axie Infinity Homeland Cooking Showdown

The type of land will play an important role in maximizing the rewards earned from cooking. For instance, the Genesis plots will reward 5,000 Ancient Coins for each Fortune Trove. At the same time, players will earn 1,000 Ancient Coins for every Fortune Trove on the Mystic plots.

The purpose is to provide incentives to the landlords, who can either delegate their rarer plots to the Stewards or engage with their plots themselves. If delegated, the owners will earn a percentage of the rewards generated by the Stewards on their lands.

The former president, once a critic of cryptocurrencies, has flipped his stance and is now pitching himself as the champion for the crypto community. He even promised to accept crypto donations for his campaign, making a strong pivot from his previous skepticism.

Trump’s Crypto Flip

Back when Trump was in office, he wasn’t shy about his disdain for digital currencies, famously tweeting that they were “based on thin air.” But fast forward to now, and he’s selling NFTs and backing crypto like it’s the future. During the event, Trump took the stage, dripping with sweat alongside his supporters, some of whom shelled out $10,000 for Trump Trading Card NFTs just to be there.

Amid the Florida heat, Trump spoke for nearly an hour, turning the niche issue of crypto into the night’s main focus. He admitted he’s no crypto guru but claimed he’s good at selling them, deciding that makes him the right guy to push crypto forward.

As Trump sees it, despite what critics say, crypto has made it big, and he’s all in. While he chatted about central bank digital currencies and government blockchains, which many crypto fans don’t like, he shrugged it off saying, “I think it all has its place.” His pitch was clear: he may not know everything about crypto, but he supports it and that should count for something.

Biden vs. Trump on Crypto

The same day Trump was rallying at Mar-a-Lago, Biden was promising to fight against crypto-friendly changes in SEC rules. Trump didn’t miss a chance to throw jabs at Biden, claiming the President doesn’t even grasp what crypto is. “If you ask Biden, ‘Sir, are you for or against crypto?’ he’ll say, ‘What’s that? Get me off the stage,'” Trump mocked. Then he hit at SEC chairman Gary Gensler, suggesting he’s part of the problem too.

But Trump’s event wasn’t just talk. He argued that with 50 million crypto holders in the U.S., his pro-crypto stance could win him a lot of votes. The crowd at Mar-a-Lago, a mix of VIPs and regular attendees who paid hefty sums to hear him, seemed to agree. Trump even brought Ryan Selkis, CEO of the crypto platform Messari, on stage, hinting at big support from the crypto community.

The debate over crypto isn’t just a technical one; it’s political. Trump made it a point to declare that Democrats are the enemy of crypto, just hours after some Democrats had shown support for the industry by voting against the SEC rule.

Trump positioned himself as crypto’s only hope against a backdrop of hostile policies that, in his view, could drive the industry out of the U.S. “We’ll stop it, because I don’t want that,” he vowed, promising to keep the crypto industry thriving in the states.

“We Made NFTs Hot Again” was another key message from the night. Trump boasted about the success of his NFTs, which feature muscular depictions of him in patriotic scenes, claiming they revived the market.

Despite pondering whether to launch another NFT series, he questioned if that would dilute the value of the existing collections. The response from the crowd? Mixed, but it showed they were thinking like investors. Trump laughed it off with a joke about economists in the room, keeping the mood light but focused.

Storm and his joint venture partner, Roman Semenov, are spotted as the ringleaders behind an illegal money-transmitting service. They are being accused of taking part in the organization of money laundering and of violating the sanctions law. Semenov is still at large, but Storm is rescheduled for the court hearing in September.

The defense lawyer claimed that the storm himself did not run the service, but only the North Koreans for whom the Lazarus Group put that to use. They claimed that the difference between coding the platform and running the money laundering platform needed to be more obvious. According to the DOJ, the department proved that this website had Storm as its part, which helped with its web and user interface.

DOJ details Tornado Cash operational control

The DOJ has presented a means of filing a processional setting out the working processes of Tornado Cash. The service debuted in 2019 and has many features, like smart contracts and relays. Although understandable at first sight, these creation stories had a very complicated structure with the pivotal character of Storm, a leader trying to maintain control.

DOJ’s document argues against the allegations that the consumer experience division is separate from the technical section and that financial transactions are not subjected to any control mechanism. These screenshots were instrumental in proving the integrity of the government lawsuits. The points above aim to prove that Storm and co-founders monitored the mixer in its operational process.

Proper role rotation among the actors is the heart of the JMZ case. According to many of the claimants, the founders were not only passive developers but active Boosters who ensured the transactions remained private and hidden from any unintended party or person. This measure involved those who had been targeted for such problems by the US and sanctioned for criminal activities.

DOJ to challenge crypto operations in upcoming trial

According to the schedule, Roman Storm’s trial is scheduled for September 2024, and Roman Semenov is currently absent without a trace. This court case could potentially result in a number of consequential issues for the cryptocurrency community regarding developers’ legal obligations.

The DOJ shall submit during the trial the evidence that would counter the venue in which Tornado Cash was handled and used. Namely, it refers to the early engineers who contributed to the development of the technology that might be used for illegal purposes and sufficient protection of privacy.