13-11-2022, 14:41
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#83
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laeva recumbens anguis
Cable Forum Team
Join Date: Jun 2006
Age: 67
Services: Premiere Collection
Posts: 42,099
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Re: Bitcoin
Banks ban crypto to fight fraudsters
https://www.thetimes.co.uk/article/e...a2cadd9bb6f9fc
Quote:
Banks are restricting customer access to cryptocurrency exchanges amid growing concerns about financial crime.
Santander will, from Tuesday, allow UK customers to transfer only £3,000 every 30 days to crypto exchanges when using online and mobile banking.
Virgin Money UK plans to block payments to crypto exchanges from personal current accounts and savings accounts from November 21. The bank has not allowed its customers to use credit cards to buy crypto since 2018.
“As a result of the increase in fraudsters using cryptocurrency to obtain funds, we have written to customers to let them know that we will not process cryptocurrency payments,” Virgin said.
Between January and October this year UK consumers reported £199 million of losses from crypto-related scams to the national fraud reporting centre Action Fraud, an increase of 26 per cent compared with the previous year. In 2021 a total of £190 million was reported as lost by victims of crypto-related scams.
Santander plans to block all payments to crypto exchanges made by phone, online and in branches next year, but card payments will not be affected.
Several UK banks already restrict customers’ access to crypto exchanges. HSBC, Santander and Barclays blocked UK customers from accessing Binance, the world’s largest crypto exchange, in June last year after the Financial Conduct Authority, the City watchdog, warned that Binance was operating without proper permissions. The company cannot carry out regulated financial activities in the UK without FCA permission.
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