Cryptocurrency News

Santander UK limits crypto transactions for its customers

2022.11.03 17:42



Santander UK limits crypto transactions for its customers

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 Scheme if something goes wrong.”

In an alleged effort to shield its customers from crypto-related risks, Santander UK said it believes that the best way to protect its clients is to limit the amount of money they can send to crypto exchanges, asserting that this is, “the best way to make sure your money stays safe.”

The limitation will be enforced from Nov. 15, where customers will be restricted to a £1,000 limit per transaction, and a total limit of £3,000 a month. The bank added:

“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”

Despite the newly imposed limitation, customers will still be allowed to receive payments from cryptocurrency exchanges in their bank accounts.

Related: Santander’s UK arm follows Barclays in banning payments to Binance

The announcement was met with criticism and raised eyebrows from members of the crypto Twitter community. Bitcoin enthusiast, podcaster, and author @LayahHeilpern said, “Remember, they only ban what threatens them. If this isn’t your signal to buy I don’t know what is…”

Another user by the name of @alesxius shared: “Since when do they have the authority to tell you what you can and can’t do with your own money?”

In 2021, Cointelegraph reported that Santander’s U.K. banks had followed in Barclays’ footsteps in banning its customers from sending payments to Binance, citing warnings from the Financial Conduct Authority.





Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 103,877.83 2.55%
ethereum
Ethereum (ETH) $ 3,863.32 2.04%
tether
Tether (USDT) $ 1.00 0.00%
xrp
XRP (XRP) $ 2.44 6.69%
bnb
BNB (BNB) $ 713.04 2.11%
solana
Solana (SOL) $ 216.49 3.80%
dogecoin
Dogecoin (DOGE) $ 0.383941 4.15%
usd-coin
USDC (USDC) $ 1.00 0.11%
staked-ether
Lido Staked Ether (STETH) $ 3,849.54 2.43%
cardano
Cardano (ADA) $ 1.02 5.43%
tron
TRON (TRX) $ 0.272193 4.86%
avalanche-2
Avalanche (AVAX) $ 46.33 6.02%
chainlink
Chainlink (LINK) $ 27.35 1.06%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,589.47 2.01%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 4.77%
the-open-network
Toncoin (TON) $ 5.70 4.41%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 103,604.76 2.42%
sui
Sui (SUI) $ 4.58 2.61%
stellar
Stellar (XLM) $ 0.421272 4.84%
polkadot
Polkadot (DOT) $ 8.20 5.36%
hedera-hashgraph
Hedera (HBAR) $ 0.293547 4.40%
weth
WETH (WETH) $ 3,863.61 1.98%
bitcoin-cash
Bitcoin Cash (BCH) $ 516.91 3.06%
uniswap
Uniswap (UNI) $ 15.59 2.24%
leo-token
LEO Token (LEO) $ 9.68 1.16%
pepe
Pepe (PEPE) $ 0.000021 7.16%
litecoin
Litecoin (LTC) $ 116.20 0.04%
hyperliquid
Hyperliquid (HYPE) $ 24.71 7.81%
near
NEAR Protocol (NEAR) $ 6.14 9.75%
wrapped-eeth
Wrapped eETH (WEETH) $ 4,061.27 2.32%
aptos
Aptos (APT) $ 12.83 3.57%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.03%
bitget-token
Bitget Token (BGB) $ 4.16 8.36%
internet-computer
Internet Computer (ICP) $ 11.89 4.03%
aave
Aave (AAVE) $ 368.73 1.14%
usds
USDS (USDS) $ 1.00 0.02%
crypto-com-chain
Cronos (CRO) $ 0.185659 4.01%
ethereum-classic
Ethereum Classic (ETC) $ 31.50 4.12%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.547661 6.04%
vechain
VeChain (VET) $ 0.054085 6.02%
render-token
Render (RENDER) $ 8.31 5.63%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.58 3.47%
monero
Monero (XMR) $ 220.45 0.95%
mantle
Mantle (MNT) $ 1.17 4.11%
arbitrum
Arbitrum (ARB) $ 0.93452 3.66%
bittensor
Bittensor (TAO) $ 522.69 1.45%
mantra-dao
MANTRA (OM) $ 4.08 4.67%
filecoin
Filecoin (FIL) $ 6.06 5.61%
whitebit
WhiteBIT Coin (WBT) $ 24.98 1.67%
kaspa
Kaspa (KAS) $ 0.137492 2.99%