Cryptocurrency News

UK Bank Santander to limit payment to crypto exchanges

UK Bank Santander now joins the list of Banks who are going all out in discouraging all crypto-related investments that are being made. However, this is being effectively carried out by clamping down hard and blocking all the avenues of payments being made to the various crypto exchanges. The prime reason given by the concerned banks is that a visible number of fraudulent activities are being carried out under this guise.

All the banks that have adopted this plan of action are British banks. Plans are afoot to implement these well-calculated measures sometime in the new year. Another obvious reason behind all of this is to ensure no customers of these banks are ever put through any trouble related to any spam dealing. However, from the 15th of November, the payment to cryptocurrency agencies using mobile and online applications will be reduced to $1000 per transaction with a limit of $3000 on any day within the rolling 30-day period.

According to reliable sources in the Santander bank, it has been observed, and correctly so, that the list about the number of fraudulent cases, in terms of cryptocurrency, is increasing more frequently than is comfortable. Inadvertently, more and more customers are falling victim to these criminal sorts of situations and cases. Therefore, in their viewpoint, the absolute need of the hour is to stem the flow and nip the uneasy situation in the bud. They are not certain to date if this plan will turn into action in the year 2023. However, they have decided that the process will begin soon enough. One such method to be incorporated very shortly is to cap the ceiling of the amount of payment permissible, to be made to the cryptocurrency exchanges.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

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