Citing announcements by the Financial Conduct Commission, Spanish bank Santander in the UK will not allow its customers to send money to accounting.
Many responses from Santander’s UK Twitter help account they said The bank today “decided to avoid payments” to the world’s largest cryptocurrency exchange in an effort to prevent fraud. The bank will be Here Customers can withdraw money from their account, but will “follow FCA notification to consumers” by withholding payments.
Many Sandander account holders have expressed negative feelings about the bank’s decision:
“As one of your long-term account holders, don’t tell me how I can spend my money”, Said Twitter user Brian Moore. “If I want to use accounting, it’s my choice.”
A London-based user Added:
“You put unsuspecting, well-known customers at risk of losing significant investments due to your accounting lock. How fair or responsible is this? People can fall victim to fraud or loss in many things; betting, bank fraud, phone fraud. This is nonsense.”
Last month, the Financial Conduct Commission, or FCA, Warned Finance Markets Limited will no longer be allowed to engage in any “regulated activity” in the UK. Although the Financial Monitoring Committee does not regulate cryptocurrencies such as Bitcoin (PTC) or Ether (EDH), it does consider some cryptocurrency derivatives and a bond fall subject to its mandate. The FCA told investors to “be wary of online and social media ads that give higher returns on investment in cryptocurrencies or cryptocurrency-related products.”
Following that, Finance responded to the warning, That Since the Finance Markets Limited was a separate entity, the FCA’s order – Binance.com – did not prevent them from doing business in the UK. However, some major UK financial institutions have already imposed restrictions on customers trading with accounting.
Related: Disappointed accounting by Barclays’ ‘unilateral action’ to prevent customer payments
This week, British multinational Barclays cited the FCA’s warning that it would suspend any further credit or debit card payments for cryptocurrency transactions to its customers. UK Starling Bank apparently again and again Xander’s position is that its customers can deposit cryptocurrencies into their accounts, but its “international currency provider does not support the purchase of cryptocurrencies”. However, another British bank, Monsoon, Said Today its customers come to invest in cryptocurrencies in response to a question about exchange restrictions.
Since 2019, no such clear purchase window has appeared. Trade 400 pairs of cryptocurrencies at 0% on OKEx until July 8th.