Too many complaints and fraud. Too many rug pulls and crashes. All of these activities have caused one European bank brand to make a difficult decision. Santander Banks of UK will soon block all crypto-exchanges from doing transactions with its customers.
The ban on cryptocurrency trading begins 2023. The exact date has not been set however. A full explanation was given on their official website (see here).
Santander Minimum & Maximums
From November 15th forward, customers will not be able to do transactions of more than £1000 with crypto-exchanges. And in a 30-day period the maximum total of transactions cannot surpass £3000.
This is only for sending money to the crypto-exchanges however. Deposits from the exchange to Santander Banks will not have limits.
The sanctions on cryptocurrency exchanges may be lifted later. For now the English financial institute simply hopes to prevent customers from being scammed.
Billions of dollars have been lost by people in 2022, gambling on random new cryptocurrencies, like a scratch off lottery ticket. New crypto coins should be seen as an investment that requires studying data and company history, but most are trying to get rich without research.
Payments to Binance will be blocked all together.
The Financial Authority of the UK Issued a Warning
The Financial Authority (FCA) , the United Kingdom’s government branch for banking and monetary regulation, issued a warning on crypto schemes on November 1st. This decree gave the European Bank a ‘battery in the back’ to move forward in blocking crypto-exchange transactions.
Santander’s sanctions beginning on November 15th could push many crypto-enthusiasts away from the bank chain. Data is sure to be released on any large migrations that occur as a back-lash to the ban on customers doing cryptocurrency investing or trading.