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On October 23rd, the overnight Shibor was at 1.3180%, unchanged from the previous trading day. The 7-day Shibor was at 1.4170%, down 0.50 basis points; the 14-day Shibor was at 1.5120%, up 6.00 basis points; the January Shibor was at 1.5560%, down 0.10 basis points; and the March Shibor was at 1.5940%, up 0.20 basis points.The Hang Seng Index rose in the short term, and the Hang Seng Tech Index narrowed its losses to 0.5%.According to Investopedia, a financial website, forecasters predict that U.S. inflation may have risen to a 17-month high in September as tariffs push up prices. A Wall Street Journal survey of economists indicates that the CPI report, due this Friday, is likely to show a 3.1% annual increase in overall prices in December. Rising inflation would highlight the impact of Trumps tariffs, which have risen almost every month since the tariffs were announced in April. Despite rising prices, lower rent increases may prevent overall inflation from rising too much. Core inflation is expected to rise 3.1% in September, unchanged from August. Overall, the increase in inflation may not be large enough to prevent the Federal Reserve from cutting interest rates in late October. Having already cut rates by 25 basis points in September to support the sluggish job market, the Fed is now more focused on the job market than on combating inflation. Wells Fargo economists Sarah House and Nicole Cervi said, "We expect goods inflation to remain elevated due to the continued pass-through of tariffs, while easing primary housing costs should help mitigate services inflation."On October 23rd, Goldman Sachs economists said in a report that the Bank of Japan is likely to keep its policy rate unchanged next week from a risk management perspective amid high uncertainty. They said: "After assessing that uncertainty in its baseline outlook is high, the Bank of Japan is likely to judge that while downside risks to the economic outlook are substantial, upside risks to the price outlook are also substantial." They pointed out that the Bank of Japan is likely to maintain its stance of gradual rate hikes.The South Korean won fell to its lowest level against the dollar since mid-May.

Santander to block UK transfers to crypto exchanges in 2023

Skylar Shaw

Nov 07, 2022 15:09

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As part of steps to safeguard clients against frauds, Santander will prohibit UK customers from transmitting real-time payments to cryptocurrency exchanges starting in 2019.


The bank will implement a restriction on all real-time payments made to cryptocurrency exchanges via telephone banking, in-branch payments, as well as internet and mobile banking, at some undisclosed point in 2023.


The bank will join other UK retail banks in restricting client transfers to cryptocurrency exchanges as of November 15 of this year. For transfers to cryptocurrency exchanges made via mobile and online banking, Santander users will be subject to limitations of 1,000 pounds ($1,123) per transaction and 3,000 pounds overall in any rolling 30-day period.


Customers' accounts will still be able to accept payments from cryptocurrency exchanges.


Regulators have issued warnings about the dangers of fraud and scams in the mostly unregulated realm of cryptocurrency trading.


According to a note on its website, Santander has seen a "significant surge" in UK clients falling prey to cryptocurrency theft in recent months.


A Santander representative said that protecting their clients from bitcoin frauds was one of their top priorities.


"We want to further safeguard clients by preventing any quicker payments from Santander accounts that we detect to cryptocurrency exchanges starting in 2023."


The technology known as Faster Payments enables real-time bank transfers for the majority of UK bank accounts. Faster Payments' parent company, Pay UK, said in an email that it was "working with authorities and the payments sector to design and implement greater protection for victims of fraud."

Santander said that it will keep preventing any payments to the cryptocurrency exchange Binance.


This policy was implemented in July 2021 in response to a warning from the British financial authority over the exchange.


A request for comment from Binance did not immediately get a response.


The daily amount of money that users may transmit to bitcoin exchanges was restricted by the British Natwest Group last year.