Santander UK, which is a British bank wholly owned by Spanish multinational financial services firm Santander Group, is advising its customers that there will soon be limits imposed on payments to crypto exchanges.
According to a recent notice (on the company’s website) aimed at customers, the bank has seen “a large increase in UK customers become victims of cryptocurrency fraud”, and so to “protect” their customers, they have decided to place limits on payments to cryptocurrency exchanges.
From 15 November 2022, for Mobile Banking and Online Banking payments to crypto exchanges, the maximum amount per transaction is GBP 1,000 (£1,000) and the maximum total amount over any “rolling 30-day period” is GBP 3,000 (£3,000). However, there are no limits on payments from crypto exchanges to customer accounts.
The notice went on to say:
“We’ll continue to stop payments being sent to Binance. This follows the FCA’s warning to consumers about this cryptocurrency exchange and is to help protect you against fraud. You can still withdraw any money you have with Binance into your Santander account.“
Interestingly, Binance has received regulatory approvals from more jurisdictions than any other crypto exchange.
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