UK bank Santander is set to block real-time payments to crypto exchanges next year. According to an email to customers first reported by Reuters, the move is intended to protect consumers from scams. Santander has not said when in 2023 the change will take effect. In the short term, the bank is going to enforce a more limited set of restrictions. From November 15 onwards, payments to cryptocurrency exchanges using mobile and online banking will be limited to £1,000 per transaction with a total limit of £3,000 in any rolling 30-day period. The new rules will not impact the ability of customers to make withdrawals. “In recent months we’ve seen a large increase in UK customers becoming victims of cryptocurrency fraud,” said a Santander spokesperson. “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.” Santander will continue to block payments being sent to Binance, in line with the UK Financial Conduct Authority’s (FCA) harsh stance on the exchange, which was banned from operating in the UK in 2021 by the watchdog group.
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