The Santander Bank in the U.K will block its customers from sending real-time payments to cryptocurrency exchanges from 2023. This is part of its measures to protect customers from scams.
The bank, in an official statement, said it will introduce a block on all real-time payments to cryptocurrency exchanges made through telephone banking and in-branch payments, as well as online and mobile banking. But from November 15, payments to cryptocurrency exchanges via online banking and mobile will be limited to £1,000 per transaction with a total limit of £3,000 in any rolling 30-day period. It should be noted that the new rules will not affect the ability of customers to make withdrawals.
A spokesperson for Santander Bank said they have seen a large increase in U.K customers becoming victims of cryptocurrency fraud in recent months. As such, the bank wants to do everything it can to protect its customers. Santander Bank believes that limiting payments to cryptocurrency exchanges is the best way to make sure that money stays safe. The bank will block payments being sent to Binance. This is in line with the U.K Financial Conduct Authority’s (FCA) stance on the exchange. Binance was banned from operating in the U.K in 2021. According to FCA, the crypto exchange is not capable of being effectively supervised. It says Binance is complex and high-risk financial products pose a significant risk to consumers.
