Santander UK Bank Puts Monthly Limit On Transactions To Crypto Exchanges

On Nov. 3, Santander UK, the subsidiary of the Spanish financial giant Banco Santander, S.A., published a notice that says “investing in cryptocurrency assets can be high risk.” Furthermore, the British bank also imposed a limit on cryptocurrency exchanges using the firm’s mobile and online banking services. Santander UK Limits Crypto Exchange Transfers to ‘Protect’ Customers Santander UK has published a new update concerning cryptocurrencies and it warns that investing in such financial vehicles can be “high risk.” The bank notes that the....

Users will be restricted to a £1,000 limit per transaction, and a total limit of £3,000 a month. Multinational banking group Santander has placed a limit on all crypto transactions for its customers in the UK. The group cited cryptocurrency fraud warnings from regulators as the reason behind its decision. According an announcement on Nov. 3, the bank plans to protect its customers from the risks associated with investing in crypto assets, sharing that: “money held in customers’ crypto wallets is unlikely to be protected by the Financial Ombudsman Service and Financial Services Compensation....

As part of measures to protect consumers from fraudulent activities, Santander will restrict UK customers from transferring real-time payments to cryptocurrency exchanges beginning in 2023, Reuters reported, citing the bank’s Friday email statement. Faster Payments Service is frequently utilized by banks and clients in the United Kingdom. It is unknown whether Santander would give alternative methods […]

Santander Bank in the U.K. has become the latest high street bank in the country to block fund transfers to cryptocurrency exchange Binance. Recently, Barclays and Natwest banks reportedly made a similar move. A number of Santander Bank customers reported on social media that they have received an email from the bank stating, “We’re stopping payments to Binance for your protection,” beginning on July 8. The bank explained: This follows the Financial Conduct Authority (FCA)’s recent warning to consumers and is to help protect you from fraud. For now, we want to be....

A major British bank, Natwest, has put a limit on fund transfers to cryptocurrency exchanges over concerns of fraud and scams related to cryptocurrencies. The bank is also blocking payments to a number of cryptocurrency asset firms. Natwest says the two moves are necessary to protect customers. Natwest Places Limit on Transfers to Crypto Exchanges National Westminster Bank, commonly known as Natwest, is a major retail and commercial bank in the United Kingdom. A spokesperson for the bank told Reuters Tuesday that the bank has capped the daily amount customers can send to cryptocurrency....