UK Bank Santander Will Block Payments to Crypto Exchanges Qoute Coin
New York City: The U.K.’s largest bank has announced that it will block payments to cryptocurrency exchanges and related industries. Santander UK said in a statement on its website that it was banning its customers from buying cryptocurrencies via their credit cards and other payment services because of the high level of risk involved with these transactions. The Spanish multinational bank also said that it was unable to stop payments to cryptocurrency exchanges and related industries due to the fact that they are not regulated by any central authority other than themselves.”
Santander UK has announced that it will prevent its customers from buying cryptocurrencies via their credit cards.
Santander UK is the first global bank to ban cryptocurrency purchases on credit cards. The move comes as the financial institution’s parent company, Santander Group, has announced that it will block its customers from buying cryptocurrencies via their debit and credit cards.
The Spanish banking giant said that it would block these transactions until further notice after reports surfaced claiming that some customers were using their cards to buy cryptocurrencies without actually having an account with the company or knowing how to access them online.
Santander UK has around 13 million customers across Europe, including many in Spain where there are approximately 10 million people who use this service every single day!
The bank listed several risks associated with cryptocurrencies in a statement on its website, including “volatility, lack of broad regulation and consumer protection, as well as operational and security failures.”
The bank listed several risks associated with cryptocurrencies in a statement on its website, including “volatility, lack of broad regulation and consumer protection, as well as operational and security failures.”
The bank also said it would block payments to crypto exchanges.
The Spanish multinational bank also said that it was unable to stop payments to cryptocurrency exchanges and related industries.
In a statement, Santander said: “We are unable to stop payments to cryptocurrency exchanges and related industries in compliance with our regulatory obligations as set out by the Financial Conduct Authority (FCA).”
The Spanish multinational bank also said that it was unable to block payments from its customers in the US, Brazil, Poland and Spain who had loaded funds into their accounts via crypto exchanges.
The new ban covers the United States, Brazil, Poland and Spain. U.S. customers will be banned in mid-February while Brazilian customers will see restrictions come into effect on Feb. 15.
The new ban covers the United States, Brazil, Poland and Spain. U.S. customers will be banned in mid-February while Brazilian customers will see restrictions come into effect on Feb. 15.
The bank says it will no longer accept payments from cryptocurrency exchanges or miners for customer deposits or withdrawals—and those who do so can expect a freeze on their account as soon as they receive notice of the blockage from Santander’s International Payment Network (ISN).
The bank announced the decision to ban payments in cryptocurrencies on Wednesday, Feb. 14. It said that it would begin enforcing the ban starting on Jan. 1, 2019, unless a customer could prove that they had been trading for six months or more before then (which is unlikely for most people). The bank also warned customers about “potential fraud and theft” related to cryptocurrency exchanges and related industries.”
