Stand With Crypto UK recorded 10,092 complaints submitted by 9,803 people over 90 days concerning blocked or restricted payments to cryptocurrency platforms. These voluntary submissions indicate dissatisfaction but do not provide an estimate of the overall rate of bank refusals. NatWest limits payments to cryptocurrency platforms to £1,000 per day and £5,000 over 30 days, while Santander UK imposes limits of £1,000 per transaction and £3,000 over any 30-day period. Banks justify these controls as fraud prevention measures in a context where reimbursement for certain Authorized Push Payment scams can reach £85,000. However, registration with the FCA does not guarantee that a customer’s bank will accept payments to a cryptocurrency platform.
Source: Read the original article
