Santander will prohibit UK transactions to cryptocurrency exchanges

Santander, a multinational financial institution, would reportedly prohibit customers in the United Kingdom (UK) from transferring quick payments to bitcoin exchanges in 2019.

Reuters claims that the bank intends to prevent phone, in-branch, internet, and mobile payments to bitcoin exchanges using telephone banking as early as 2023.

In a Friday email statement, the bank explained that the action was designed to safeguard customers from fraud.

Beginning November 15, the bank will block customer transfers to cryptocurrency exchanges, in line with other UK retail banks.

Transfers to cryptocurrency exchanges via Santander's mobile and online banking are limited to £1,000 (€1,100) per transaction and £3,000 (€3,400) each 30-day period.

According to rumours, consumers would still be able to accept money directly into their accounts from bitcoin exchanges.

In recent months, Santander has observed a "substantial increase" in the number of UK clients who have fallen victim to cryptocurrency fraud, according to a notice posted on its website.

“We want to do everything we can to protect our customers and we feel that limiting payments to cryptocurrency exchanges is the best way to make sure your money stays safe,” said the lender.

By fLEXI tEAM