Another way fraudsters operate is by breaking into people's banks and using their bank details to set up a cryptocurrency exchange wallet and make a real-time payment with their money. Hacking is a big problem in Cryptospace because we don't know who is who and the fact that it is anonymous in transactions leads to many disadvantages.
This is no longer news that almost half of the top banks in the UK do not support cryptocurrency transactions, most banks such as TSB bank, Lloyd's, Starling Bank do not. Even those who stay close to Crypto adhere to some rules to protect their customers from scammers.
Here we see another UK high street bank "Santander Bank" also planning to ban cryptocurrency transactions.
Santander Bank is one of the top banks in the UK whose customers have been victims of Crypto scams most of the time due to the large payments customers can make to Crypto exchange. But the occurrence of fraud makes the bank to set a limit to buy crypto from the exchange. Before that time, Santander customers had no real-time money limit to spend on Crypto, but now the bank has set a monthly transaction limit of $3000 for each customer and $1000 for Crypto exchange every month. This new policy will take effect on November 15th.
According to the Santander spokesperson, said; the bank goes out of its way to protect its customers from crypto fraud, and one way of doing this is by restricting payments through cryptocurrency exchanges to ensure the safety of funds. However, if this continues to increase, the bank may ban Cryptocurrency completely next year, but now the new policy coming will not have any effect on customer withdrawals, and customers can still earn on Crypto exchange in their account.
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