Blockchain & Crypto

Santander UK Caps Crypto-Related Payments

Alarmed by rising fraud rates, the British arm of Santander is limiting payments to cryptocurrency exchanges

Santander crypto

Santander UK Caps Crypto-Related Payments. Source: shutterstock.com

Santander UK informed customers about the new restrictions regarding their crypto payments. From 15th November 2022 payments to cryptocurrency exchanges would be subject to transaction amount limits.

Within one transaction, you can transfer no more than £1,000 to a crypto exchange. Moreover, Santander clients would be able to buy crypto for only £3,000 in any rolling 30-day period. However, payments from cryptocurrency exchanges can arrive at one’s account without any restrictions. 

The limits apply to both the bank’s online and mobile services.

Santander is worried about the increasing number of customers who become victims of cryptocurrency fraud. Therefore, more limitations may come in the future.

Since Binance Markets Limited is not permitted to undertake any regulated activity in the UK, the bank will continue to stop payments being sent to the Binance crypto exchange. 

SEE ALSO:

Santander UK launches unique service for homeowners

Santander to award blockchain innovators in metaverse

UK includes crypto exchanges in sanctions breaches reporting

Nina Bobro

1426 Posts 0 Comments

https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.