Santander U.K is Ready to Block Crypto Exchange Deposit To Protect Users From Scams

• Santander, a leading financial giant in the U.K, is blocking crypto deposits. 

Santander entered the finance sector of the United Kingdom in 1988 with its fifteen years of collaboration with Royal Bank Scotland.  

Earlier on 4 November 2022, TheCoinRepublic reported to avoid crypto scams, Santander Bank announced that it would implement limits on the amount of the transaction. And the amount fixed by the Bank is  £ 1,000 limit per transaction and £3,000 in one month. 

The upgraded policies of the Bank will be implemented from 15 November 2022.  

Santander is the latest Bank that cracked down on crypto in the UK. According to reliable media sources, banks are preparing a roadmap to block real-time payments to crypto exchanges.    

The Bank ensured that it is protecting its valuable customers from crypto scams and frauds. The crypto besieging will include in-branch, mobile, and internet banking for Santander customers.

According to Reuters, users of the Bank will receive funds from crypto exchanges but will not be able to deposit the in the exchange.       

An official letter on the Bank’s website notes that “the Bank observed that crypto scams and frauds have increased in the last few months, and over a thousand U.K customers have become victims of these frauds.”    

The spokesperson of Santander noted that “Keeping our customers safe from cryptocurrency scams is a top priority.”

The official noted, ” We intend to further protect customers by blocking all faster payments we identify to cryptocurrency exchanges from Santander accounts – this will be implemented during the course of 2023.”     

Some reliable data states that Santander UK has approximately 14 million active users with around 64 corporate business centers globally. The Bank’s operating income as of data of 2018 was £5.420 million. 

Some reliable data states that around 10K employees are currently actively working under Santander Bank.  

Banco Santander released data for the first nine months of its profit in 2022, which is £7,316, which is 25% more compared to the profits of 2021. 

Earlier in 2021, Santander awarded 30,000 scholarships and business contributions in Spain. In the second quarter of 2022, it will offer Santander Estudios, Progreso, and Santander Erasmus scholarships. 

The decision of Santander to block payment to crypto exchanges is termed as an appreciable decision, but this may also affect the customer base of Santander Bank after the implementation. 

The Financial Conduct Authority (FCA) has warned consumers about the risks of investing in crypto assets. If something goes wrong, money held in customers’ crypto wallets is unlikely to be protected by the Financial Ombudsman Service and Financial Services Compensation Scheme.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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