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Santander UK limits crypto transactions for its customers

Published on

January 4, 2023
Read Time:2 Minute, 1 Second

Multinational banking group Santander has imposed a restrict on all crypto transactions for its UK prospects. The group cited cryptocurrency fraud warnings from regulators as the rationale for his or her choice.

after one Notice On November 3, the financial institution plans to guard its prospects from the dangers concerned in investing in crypto belongings, stating that “cash held in prospects' crypto wallets is unlikely to undergo protected by the Monetary Ombudsman Service and the Monetary Companies Compensation Scheme if something goes unsuitable."

In an alleged try to guard its prospects from crypto-related dangers, Santander UK stated that it believes one of the simplest ways to guard its prospects is to restrict the amount of cash they will ship to crypto exchanges, and claimed that this was "one of the simplest ways". to make sure your cash stays secure.”

The restrict will likely be enforced from November 15, the place prospects will likely be capped at a restrict of £1,000 per transaction and a complete restrict of £3,000 per 30 days. The financial institution provides:

"We are going to proceed to make modifications to restrict or stop funds to crypto exchanges sooner or later, though we are going to all the time notify you earlier than making these modifications."

Regardless of the newly imposed restriction, prospects are nonetheless allowed to obtain funds from cryptocurrency exchanges of their financial institution accounts.

See Additionally: Santander's UK Arm Follows Barclays in Banning Funds to Binance

The announcement drew criticism and raised eyebrows from members of the crypto Twitter neighborhood. Bitcoin fanatic, podcaster and writer @LayahHeilpern stated, “Bear in mind, they solely ban what threatens them. If that is not your sign to purchase, I do not know what's..."

So actually nothing new. UK banks have been slowly blocking/proscribing crypto funds for over a yr, I dwell there, I've a number of banks right here

— Model ⚒️ (@Brand99_) November 3, 2022

One other consumer named @alesxius shared, "Since when have they got the authority to inform you what you'll be able to and might't do with your individual cash?"

Since when have they got the authority to inform you what you'll be able to and might't do with your individual cash?

— Alexius (@alesxius) November 3, 2022

In 2021, Cointelegraph reported that Santander's UK banks had adopted in Barclays' footsteps and banned its prospects from sending funds to Binance, citing warnings from the Monetary Conduct Authority.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 4, 2023
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