Santander will Block crypto Payments in 2023
Santander will Block crypto Payments in 2023

Santander will Block crypto Payments in 2023

One of the leading banks in the UK, Santander bank has been embarking to stop its customer’s access to crypto trades from the start of 2023. The bank will work on these measures in a phased manner starting from November 15th till the start of 2023. Santander bank reports announced that they will complete the cryo blockade from the bank accounts for all of its customers by the start of 2023.

Why this move by Santander bank?

Santander Bank will be stopping their customers from sending money into the cryptocurrency or making any transactions with the crypto assets in the near future in a complete manner. The bank also announced that it will soon restrict its users from buying cryptocurrencies. The mail regarding the details of the cryptocurrency exchange payment process blockage has been sent by the bank to all of its customers.

The bank is also planning to block the transaction that will be happening in the real-time manner of cryptocurrencies from the next year.The bank has announced the reason for this cryptocurrency blockage is that it wants to protect its customers by blocking any type of fast payment process through these cryptocurrency exchanges and the bank account.

Santander will Block crypto Payments in 2023
source : ledgerinsights.com

The bank has not announced any alternative mechanism for the crypto investment at this moment for all its present crypto enthusiast customers. The bank also wants to help its customers from all types of crypto trades in the form of transactions through cryptocurrency exchanges.

As per the recent announcement by the Santander bank will start limiting the transaction of crypto assets from the 15the of November. The bank noted that it will allow its customers to send not more than £1,000 per transaction and up to £3,000 per roll in a period of 30-day.

As per the bank, the new policy will be implemented on the deposits and not on the withdrawals. In the meanwhile, the customers will be able to get their payments from the cryptocurrency exchange accounts. As per the bank reports, Santander wants to increase the harsh and restrictive rules for payments to cryptocurrency platforms in the near future too. The detailed report of our Santander’s roadmap for the same is not disclosed yet.

As a part of the blockage of the cryptocurrency payment and exchange Santander had blocked the cryptocurrency exchange platform Binance in 2021 after getting a response from the financial conduct authority. Along with the recent blockade measures Santander will also continue to block the transaction from balance. 

What is Santander bank?

Santander bank is the 6th largest bank in the UK. as per one report by statistica, in 2021, the bank was having total Assets of €287 billion which comprises $286 billion.