The bank Santander will prevent customers from United Kingdom sending real-time payments to cryptocurrency markets next year as part of the measures to protect customers from scams.
At an unspecified time during 2023, the bank will introduce a lock on all real-time payments to the cryptocurrency markets made through telephone banking and branch payments, as well as the online and mobile banking.
Starting November 15 this year, it will join other UK retail banks in limiting customer transfers to cryptocurrency markets.
Santander customers will face a limit of 1,000 pounds ($1,123) per transaction and 3,000 pounds in total in a period of 30 consecutive days, for transfers to the cryptocurrency markets through mobile and online banking.
Customers will still be able to receive payments from cryptocurrency markets in your accounts.
Regulators around the world have warned of the risks of scams and fraud in the largely unregulated world of cryptocurrency trading.
Santander has seen a “huge increase” in UK customers who have fallen victim to cryptocurrency fraud in recent months, according to a notice on its UK website.
“Keeping our customers safe from cryptocurrency scams is a priority,” a Santander spokesperson said.
“We intend to further protect customers by blocking all faster payments we identify to cryptocurrency markets from Santander accounts – this will be implemented over the course of 2023.”
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