Santander reportedly alerted clients by email earlier, according to Reuters. The bank declared that it will restrict real-time transactions on cryptocurrency exchanges starting in 2023.
Santander announced that it plans to block all faster payments they identify to cryptocurrency exchanges from Santander accounts in order to further safeguard clients, noting that the measure will be imposed during the course of 2023.
The banks and their clients frequently use the Faster Payments Service in the United Kingdom. Santander’s announcement does not consist of any specific plans to offer consumers additional ways to send money to cryptocurrency exchanges, making it unknowable whether the bank intends to do so.
The bank claims that restricting transactions to exchanges is essential to protect clients from cryptocurrency fraud.
Santander announced that it would limit transactions to cryptocurrency exchanges from November 15 onwards. Customers are limited to sending £1,000 for each transaction and £3,000 over the course of a rolling 30-day period by the bank.
Withdrawals are exempt from the new rule; only deposits will be affected. Santander claims that users can still receive money in their accounts from crypto exchanges.
The bank previously said it would impose “more changes to limit or prevent payments to crypto exchanges in the future.” As a result, the aforementioned restrictions were not completely out of left field.
In accordance to a notice by the Financial Conduct Authority, Santander also stopped processing payments to the significant cryptocurrency exchange Binance in 2021. Santander stated that it would remain to bar payments to Binance.
