Santander UK Restricts Crypto Exchange Transfers to Protect Customers

Santander UK, the British branch of the Spanish financial giant, has published a new update on cryptocurrencies and warns that investing in such financial vehicles can be “high risk.” The bank notes that the UK’s Financial Conduct Authority (FCA) has warned the public about such risks and the financial institution wants to do everything it can to “protect” customers. ,[Santander UK feels] that limiting payments to cryptocurrency exchanges is the best way to ensure that your money remains safe,” the bank explained.

like saying Reuters report, the branch basically announces a limit of GBP 1,000 (roughly Rs. 91,720) on crypto transactions for customers. The bank he said again that customers will be restricted from making crypto transactions worth GBP 3,000 (roughly Rs. 2.75 lakh) within a 30-day period.

These restrictions apply to customers who make crypto deposits to trades through their bank accounts. Therefore, customers can still withdraw from the exchanges to their Santander bank accounts. The bank also said it will make further changes to these restrictions while also adding that it may completely ban deposits from crypto exchanges.

On top of the bank’s warning, businesses related to Santander to give a lot of effort about tokens, asset tokens, and cryptocurrency services in Brazil. The Spanish banking giant has also launched a Bitcoin exchange-traded fund (ETF) in Spain.

Santander UK, however, must operate under UK financial laws and other Santander related businesses navigate differently. A notice posted on the bank’s website says that customers can still receive payments through crypto exchanges in their accounts, but notes that more changes may come in the future.

“We will make further changes to limit or prevent payments on crypto exchanges in the future, although we will always notify you before we make these changes,” Santander UK’s update revealed.

The bank also highlights the largest crypto exchange by global trading volume, Binance, in the review. Santander UK has special restrictions when it comes to dealing with Binance. “We will continue to suspend payments sent to Binance,” Santander UK said. The bank also shares the FCA warning written about Binance.

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