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Starting in 2023, Santander Bank will block transfers to Cryptocurrency Exchanges for UK customers
Santander Bank has announced that they will soon block transfers and payments to all cryptocurrency exchanges.
The measure is put in place to supposedly protect customers from scams associated with cryptocurrencies.
Unfortunately, the bank did not specify the exact date of when we can expect this measure to be implemented.
The only information we know so far is that these new measures will be introduced sometime in 2023.
This is not the only news as, starting November 15th of this year, Santander will begin to limit customer transfers to cryptocurrency exchanges.
Santander customers will face limits of 1,000 pounds per transaction and 3,000 pounds in total in any rolling 30-day period.
"In recent months we’ve seen a large increase in UK customers becoming victims of cryptocurrency fraud. We want to do everything we can to protect our customers and we feel that limiting payments to cryptocurrency exchanges is the best way to make sure your money stays safe." - Santander spokesperson
This follows a trend as, back in July of 2021, Santander announced they would immediately begin to block all transfers and payment to crypto exchange, Binance.
Surprisingly, until I read this news, I was unaware about the current ban on transfers/payments to Binance.
It is clear now that this will not change in the future.
Price comparison site, Finder, states that almost 50% of Banks in the United Kingdom are not "crypto-friendly".
Essentially, if you are a customer at a "crypto-friendly" bank, you will be able to do the following:
Buy cryptocurrency using your debit card.
Send payments to a crypto exchange.
Withdraw money from your crypto wallet and deposit it in your current bank account.
This is definitely startling news, especially for those living in the United Kingdom.
If this trend continues, I could see there being no banks left that will allow you to transfer money to Crypto Exchanges.
Also, it is annoying that because some people get scammed, that it ruins the party for everyone else that actually does their research and understands it's their own responsibility.
How do you guys feel about this?
Good, bad, indifferent?
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