Santander Bank Restricts Cryptocurrency Exchange Transactions – Find Out Why

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Source: iStock/Orbon Alija

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 it will limit the amount customers can send when they identify the recipient as a cryptocurrency exchange. It cited rising cryptocurrency fraud as the reason for the decision.

“We will do everything we can to protect our customers, and we feel that limiting payments to cryptocurrency exchanges is the best way to ensure that your money remains safe,” the statement read.

The limits, which come into effect from November 15, will limit customers to a limit of £1,000 per month. transaction and a total limit of £3,000 per month.

“We will make more changes to limit or prevent payments to crypto exchanges in the future, although we will always notify you before making these changes,” the bank added, apparently warning of even tighter restrictions that may be on the way.

Meanwhile, the bank mentioned that there will be no restrictions on deposits from crypto platforms. “You can still receive payments from cryptocurrency exchanges into your account.”

Crypto Twitter criticizes 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 cue to buy, I don’t know what is…” she added.

Another Twitter user Brand, who said he lives in the UK and has multiple bank accounts, pointed out that UK banks have been “slowly blocking/restricting crypto payments for over a year now.”

As reported, in July 2021, the London-headquartered multinational bank Barclays stopped payments to the major crypto exchange Binance. Soon 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 fiat financial services on UK soil, although the exchange claimed this would not affect UK Binance.com customers as the firm operates from the Cayman Islands.



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