Daily fraud update: 12th March

French banking giant “blocks” Coinbase access

A major bank in France has been accused of blocking access to a leading cryptocurrency exchange.

Press reports suggest that BNP Paribas, which is a well-known sight on the high streets in France, is blocking at least some users from sending cash to Coinbase.

The development appeared to occur this week, when users began to find that they were unable to move cash from their account to that of the exchange.

The problem was not, apparently, occurring last week, when transactions were able to proceed largely as normal.

The block also appears to be focused firmly on Coinbase, and not the wider crypto sphere.

According to one press report, transactions to the European version of Binance – Binance Jersey – were still possible for BNP Paribas customers.

One customer said that they had contacted BNP Paribas to check the issue.

They claim to have been informed that the bank was concerned about a range of issues, including fraud.

The bank supposedly also said that Monero, a well-known privacy coin, was part of the problem.

The customer claimed that there was no prior warning from BNP Paribas regarding the suspension of transfers.

This is, however, far from the first time that a major banking giant has taken moves to halt cryptocurrency usage.

Big banking names in the sector such as JP Morgan have done so in the past.

Zimbabwean government minister warns of forex fraud risks 

A senior government minister in the Sub-Saharan African country of Zimbabwe has warned that the nation’s law enforcement system is not doing a good job in relation to forex fraud.

The comments were made by Professor Mthuli Ncube, who serves as the country’s Minister of Finance.

According to the news website ZimEye, Ncube claimed that laws against forex fraud and wider financial scams – and the teams entrusted with enforcing them – were not operating effectively.

It was reported elsewhere that the government intended to carry out a “review” of relevant laws in the forex fraud area.

“The government will be reviewing all the laws and institutional framework in order to bring them in line with international best practices and, more importantly, monitor the effectiveness of institutions charged with implementing the laws”, Ncube was quoted as saying.

Ncube previously served as the vice president and chief economist of the African Development Bank Group.

Zimbabwe has faced a range of foreign exchange fraud cases in recent years.

Towards the end of last year, for example, it was revealed an alleged forex scam worth around $765,000 occurred in the capital city of Harare.

The country’s currency has famously fallen victim in the past to hyperinflation.

There is also a thriving black market for the US dollar in the country, which means that the forex picture is complicated – and offers an opportunity for fraudsters to step into the breach.

Chris Lee

Share

Tweet

Safest Forex Brokers 2024

	Broker	Info	Best In	Customer Satisfaction Score
#1	Your capital is at risk Founded: 2014	Global Forex Broker	BEST SPREADS Visit broker	4.8
#2	Your capital is at risk Founded: 2006	Globally regulated broker	BEST CUSTOMER SUPPORT Visit broker	4.9
#3	* 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Founded: 2008	Global CFD Provider	Best Trading App Visit broker	5
#4	Between 74-89 % of retail investor accounts lose money when trading CFDs Founded: 2010	Global Forex Broker	Low minimum deposit Visit broker	4.9
#5	76% of CFD traders lose money Founded: 2007	Global CFD & FX Broker	ALL-INCLUSIVE TRADING PLATFORM Visit broker	4.9
#6	Your capital is at risk Founded: 2009, 2015 and 2017	Global Forex Broker	Low minimum deposit Visit broker	5
#7	Your capital is at risk Founded: 2006	CFD and Cryptocurrency Broker	CFD and Cryptocurrency Visit broker	5

Forex Fraud Certified Brokers

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.