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Santander, a global banking organization, has restricted all crypto payments for its UK clients. The organization highlighted regulators' concerns about cryptocurrency fraud as justification for their decision. The bank shared that money kept in customers' cryptocurrency wallets is unlikely to be covered by the Financial Ombudsman Service and Financial Services Compensation Scheme when something turns out badly, in a statement yesterday. The bank intends to shield its clients from the dangers of investing in digital assets.
Santander UK to Protect Users from Risks
Santander UK claimed to be protecting its consumers from dangers associated with crypto by restricting the number of payments clients may transfer to exchanges, saying that doing so is the best approach to help ensure your money stays secure. Beginning on November 15, the cap will take effect, and clients will be limited to a maximum of 3,000 British pounds each month and 1,000 British pounds for every transaction. The bank continued that in the future, it will limit or prohibit payments to cryptocurrency exchanges but always let its customers be aware whenever it makes any modifications. Santander customers will continue to be able to accept crypto payments from exchanges in their bank accounts, notwithstanding the recently enforced restrictions.
Bank to Emphasize Binance
The bank is subject to UK financial regulations, whereas other Santander-affiliated companies follow distinct business practices. Customers may still receive payments from cryptocurrency exchanges into their accounts, according to the notification published on the bank's online page, though it warns that other changes may be coming. In the statement, the bank also emphasized Binance, which has the highest worldwide transaction volume among cryptocurrency exchanges. When it comes to interacting with Binance, Santander UK has specific limitations. Santander UK declared that it will keep blocking payments to Binance. Additionally, the bank provided a formal FCA caution regarding Binance.