Santander UK, the UK unit of banking giant Banco Santander, has placed restrictions on crypto transactions for its customers, including a £1,000 limit on individual transactions with crypto exchanges and a £3,000 limit on total monthly transactions.
In a note to customers on Thursday, the bank said that it will limit the amount customers can send when they identify the receiver as a cryptocurrency exchange. It cited increasing cryptocurrency fraud as the reason for the decision.
“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,” the statement reads.
The limits, which will go into effect starting November 15, will restrict customers to a £1,000 limit per transaction, and a total limit of £3,000 a month.
“We’ll be making more changes to limit or prevent payments to crypto exchanges in the future, though we’ll always let you know before we make these changes,” the bank added, ostensibly warning of even tighter restrictions that might be on the way.
Meanwhile, the bank mentioned that there won’t be any restrictions on deposits from crypto platforms. “You can still get payments from cryptocurrency exchanges into your account.”
Crypto Twitter Critcizes Santander UK
Members of Crypto Twitter lashed out at the bank for putting limits on their money. “Since when do they have the authority to tell you what you can and can’t do with your own money?” Twitter user Alesxius said.
Bitcoin enthusiast, podcaster, and author Layah Heilpern noted that the bank may completely ban deposits to crypto platforms in the future. “Remember, they only ban what threatens them. If this isn’t your signal to buy I don’t know what is…” she added.
Another Twitter user Brand, who said he is living in the UK and has several bank accounts, pointed out that British banks have been “slowly blocking/limiting crypto payments for over a year now.”
As reported, in July 2021, London-headquartered multinational bank Barclays stopped payments to major crypto exchange Binance. Shortly after, Santander UK also banned its customers from sending payments to Binance.
The move came after the FCA told Binance’s UK operations to stop providing financial activities in fiat on British soil, although the exchange claimed this would not affect British Binance.com customers, as the firm operates from the Cayman Islands.
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
MEWOOFUN Cat Tree Door Mounted Cat Climber, Cat Shelves Cat Ladder with Removable Soft Mat, 4-Levels Over Door Cat Climber for Indoor Cats (Wooden-67.2" H X 23.4" L X 8.4”W)
(as of March 13, 2025 19:47 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Pyrex Essentials (3-Pack) Glass Measuring Cups Set, (1, 2 & 4 Cup) Measuring Cups For Prepping, Baking and Cooking, Preheated Oven, Dishwasher, Freezer, and Microwave Safe
$23.29 (as of March 13, 2025 19:47 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Pokemon TCG: Azure Legends Tin - 5 Packs (Random Tin)
$36.96 (as of March 13, 2025 19:47 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Enabot EBO ROLA Mini 2K Camera Robot: Movable Pet Camera Battery-Powered with Phone App, Indoor Cam w/One-Touch Call, 2-Way Talk, Night Vision, Motion Detection, Video Recording
$155.99 (as of March 13, 2025 19:47 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
