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Santander will Prohibit UK Transfers to Cryptocurrency Exchanges in 2023

Santander will Prohibit UK Transfers to Cryptocurrency Exchanges in 2023

In an email statement addressed to clients on Friday, Santander said that the bank would prevent its customers in the United Kingdom from making real-time payments to crypto exchanges to protect customers from scams.

At some point in 2023, the bank will implement a blanket prohibition on real-time payments to crypto exchanges via in-branch payments and online/mobile banking transactions to cryptocurrency exchanges. Beginning November 15th, the bank will accompany other UK retail banks in imposing restrictions on client transfers to crypto exchanges.

Santander consumers’ transfers to crypto exchange through mobile and internet banking will be limited to 1,000 pounds ($1,123) for each transaction and 3,000 pounds ($6,563) every 30 days. Payments from crypto exchanges to customers’ accounts will continue to be permitted.

 

Officials from many jurisdictions have expressed concern about the prevalence of fraud and scams in the largely unsupervised market for cryptocurrency trading.

According to a warning posted on Santander’s website, the bank has witnessed a “significant rise” in the number of UK clients who have fallen victim to crypto fraud in recent months. A Santander (SAN.MC) representative emphasised the need to protect its clients against cryptocurrency-related fraud.

Most accounts in the United Kingdom are connected to the Faster Payments network, which enables instantaneous fund transactions. Pay UK, the holding company of Faster Payments, said in an email that it was working with the payments sector and regulators to develop and implement greater fraud protection for victims. British bank Natwest Group limited daily cryptocurrency exchange deposits last year.

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