Santander has announced that it will block real-time payments to cryptocurrency exchanges from 2023. In the announcement made by the bank on November 4, it announced the payment limits to exchanges that will come into effect on November 15. As Kriptokoin.com, we convey the latest developments conveyed by the bank.
Santander introduces new rules on payments
The bank allows customers to transact on crypto exchanges. Within these permissions, they are allowed to withdraw funds and receive payments sent by exchanges. UK bank Santander made a statement regarding cryptocurrencies in its latest announcement. As a result of the announcement, it will prevent its customers from sending transactions to crypto exchanges by 2023. It has been reported that the bank will soon restrict users from purchasing cryptocurrencies.
As a result, as of November 5, Santander reportedly sent an email notification to customers. In the statement, it was stated that the bank will bring a block to crypto exchanges in real-time transactions. The bank transfers are as follows:
We aim to further protect customers by blocking all fast payments from Santander accounts to cryptocurrency exchanges. We will implement this policy throughout 2023.
The UK’s Faster Payments Service is widely used by banks and their customers. It is not yet clear whether the bank will find alternative ways for customers to send money to crypto exchanges. However, the company’s announcement did not suggest a clear plan to do so.
The new rules on behalf of cryptocurrencies will be effective from November 15
The bank stated that the reason for blocking transactions made to exchanges is to prevent customers from experiencing hacking events in cryptocurrencies. In this way, the bank says it will protect its customers from the clutches of all kinds of fraud. On Thursday, November 3, Santander announced that from November 15, it will limit transactions to crypto exchanges. The bank will only process customers at £1,000 per transaction. It will also allow him to send more than £3,000 per 30-day period. After the new policy decision, it was stated that it is valid for deposit transactions. It is not valid for withdrawals yet. Santander also included the following in his statement:
You can continue to be paid into your account from cryptocurrency exchanges.
In the announcement made on November 4, the bank also included the following statements:
Further changes may be made to limit or prevent payments to cryptocurrency exchanges in the future.
With these explanations, the restrictions announced today are not an unexpected decision. Santander responded to an alert from the Financial Conduct Authority. In 2021, it blocked payments to the leading crypto exchange Binance. At the same time, the bank said it will continue to block transactions to Binance. Santander is one of the UK’s largest banks. According to Statista, it had assets of 287 billion euros ($286 billion) in 2021. Thus making it the sixth largest bank in the country in this case.
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