While a timetable has not been made public, Santander UK customers will no longer be able to Earn cryptocurrency for one year. In a new move to protect customers from scams, the bank will block online, mobile banking, branch and phone banking payments to cryptocurrency exchanges.
According to a study published by the Ministry of Privacy Affairs, despite the decline in market value, the The related scam continues to develop in 2022. Even so, hackers stole $1.9 billion worth of cryptocurrencies in the first quarter, a value that equates to a 37% year-over-year increase. The above study only highlights the loss of US citizens ($329 million), Australians ($166 million) and Hong Kong investors ($50 million), but British citizens also fell victim to such scams during the period mentioned. On Friday, the UK branch of Santander bank emailed a statement outlining the encryption-related changes it plans to implement next year to ensure its customers receive the best possible protection from scams. According to Reuters, “At some point in 2023, the bank will ban all real-time payments for cryptocurrency exchanges via telephone banking and in-branch payments, as well as online and mobile banking”
In addition to the above, Santander will restrict customer transfers to currency exchange offices from next week (15 November to be more precise). The threshold will be set at £1,000 (about $1,146) per transaction, but will also be set at £3,000 in any given 30-day period. These restrictions will apply to transfers made using mobile banking and internet banking. Santander revealed in a support note on its website , a growing number of UK-based customers have recently fallen victim to cryptocurrency scams. The bank also added that payments to Binance are still blocked (the ban is effective from July 2021). However, customers of the bank will still be able to withdraw any funds they have on Binance to their Santander accounts. The above measures will be supplemented by blocking all real-time banks identified from Santan Transfers from German bank accounts to cryptocurrency exchanges. The additional restrictions will be in place by the end of 2023, the bank said, without disclosing any other details. Buy Catching Up with Crypto: A Guide to Bitcoin and the New Digital Economy (Part 1 Edition, by Ben Armstrong) on Amazon
Codrut Nistor – Senior Technical Writer – Published 5692 articles on Notebookcheck
in my early school days, I Hate writing and making up stories. Ten years later, I’m enjoying it. Since then, I have published some offline articles, then I moved to the online space, where I have contributed to major sites that are still online as of 2021, such as Softpedia, Brothersoft, Download3000, but I have also contributed to several already Disappeared blogger writing over the years. I’ve been with the Notebookcheck team since 2013 and I don’t plan on leaving anytime soon. Fall in love with the sound of good mechanical keyboards, vinyl records, and tapes, but also with smartphones, streaming services, and digital art.
Codrut Nistor, 2022-11-7(Updated: 2022-11-7)
