The Bank of Spain warned that it would block illegal crypto transactions
Spain will block all transactions of any digital assets and user accounts if the owners get caught in a scam.
The Bank of Spain has published information that commercial banks have the right to check and identify transactions that are related to crypto assets and take measures to protect the safety of customers.
Such measures were taken by the Spaniards due to the fact that cryptocurrencies are not a suitable payment or investment tool.
One of the reasons for account blocking or crypto transactions is money laundering. According to the Spanish procedure, if a client is suspected of fraud, he will be called personally, and he will also have to come to the bank branch for verification.
Spanish laws are very strict to banks and they must comply with a number of rules to fight crime. The bank is obliged to maintain constant contact with a client, who is a victim of the actions of criminals and report the reason for blocking the account.
According to the bank, all accounts involved in suspicious activity will be blocked.
The bank may have suspicions about the theft of personal data of customers. It is also common for scammers to fraudulently gain access to customer accounts and transfer money to their accounts. In this case, the system will receive a signal and the account will be blocked,the bank noted.
