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