Santander Imposes Limit on Crypto Transactions for UK Customers

The British branch of the Spanish multinational commercial bank and financial services company, Santander, has now imposed a £1,000 ($1,120) limit on crypto transactions for customers in the UK. 

Emphasizing protection from crypto fraud, Santander says this restriction is intended to protect customers from crypto investment risks. The firm noted,

"We want to do everything we can to protect our customers, and we feel that limiting payments to cryptocurrency exchanges is the best way to make sure your money stays safe."

Additionally, the bank also stated from the 15th of November 2022, a limit to making crypto transactions worth $3,360 during 30 days would be implemented. The restriction only applies to customers who use their Santander bank account to deposit funds into crypto exchanges.

Though customers can still withdraw from exchanges to their bank account, the bank added that it would eventually be making more changes to these limits and completely ban the depositing of funds into crypto exchanges in the future. 

Notably, this is not Santander's first move disapproving crypto transactions. Last year, the bank blocked payments from its UK customers to the Binance crypto exchange, stating it was to protect customers’ funds. 

The blocking was related to the UK’s financial regulator (Financial Conduct Authority)’s recent warning that Binance Markets Limited is not allowed to conduct any regulated activities in the country. At the end of the note, the bank mentioned the payments of funds into the Binance exchange still remain banned. 

Not only Santander was in the mood to block crypto transactions last year, but Former Member of the British Parliament Nick Boles was also in the zone of disapproving the largest cryptocurrency by market cap, Bitcoin. Nick suggested to the Central Banks that anyone wanting to use Bitcoin for any payments should be forced to exchange it for another currency.