CRYPTO NEWS: SANTANDER UK LIMITS CRYPTOCURRENCY TRANSACTIONS.

SANTANDER UK LIMITS CRYPTOCURRENCY TRANSACTIONS

SANTANDER UK LIMITS CRYPTOCURRENCY TRANSACTIONS FOR ITS UK CUSTOMERS, AND THE INTERNATIONAL BANKING GIANT SANTANDER HAS IMPOSED A CAP ON ALL BITCOIN TRANSACTIONS. THE COMMITTEE JUSTIFIED THEIR CHOICE BY POINTING TO REGULATORS’ WORRIES ABOUT BITCOIN FRAUD.

SANTANDER UK LIMITS CRYPTOCURRENCY TRANSACTIONS:

LIMITING THE AMOUNT OF MONEY CONSUMERS MAY SEND TO CRYPTOCURRENCY EXCHANGES IS THE BEST WAY, ACCORDING TO SANTANDER UK, TO PROTECT THEM FROM THE RISKS ASSOCIATED WITH CRYPTOCURRENCIES. THEY CONSIDER THIS TO BE “THE BEST STRATEGY TO ENSURE THAT YOUR MONEY STAYS SAFE.”

SANTANDER UK LIMITS CRYPTOCURRENCY TRANSACTIONS
SANTANDER UK LIMITS CRYPTOCURRENCY TRANSACTIONS

THE BANK STATED IN AN ANNOUNCEMENT ON NOVEMBER 3 THAT IT WANTED TO PROTECT ITS CLIENTS FROM THE RISKS ASSOCIATED WITH INVESTING IN CRYPTOCURRENCY ASSETS BY CAUTIONING THAT “MONEY HELD IN CUSTOMERS’ CRYPTO WALLETS IS UNLIKELY TO BE PROTECTED BY THE FINANCIAL AUTHORITY SERVICE AND FINANCIAL SERVICES COMPENSATION SYSTEM IF ANYTHING REALLY GOES AWRY.”

BEGINNING ON NOVEMBER 15, CUSTOMERS WILL BE LIMITED TO 1,000 BRITISH POUNDS PER TRANSACTION AND 3,000 POUNDS IN TOTAL PER MONTH. THE BANK ADDED THE FOLLOWING:

IN 2021, COINTELEGRAPH REPORTED THAT SANTANDER’S U.K. BANKS HAVE FOLLOWED BARCLAYS’ LEAD AND FORBADE THEIR CUSTOMERS FROM SENDING PAYMENTS TO BINANCE, CITING CONCERNS WITH THE FINANCIAL CONDUCT AUTHORITY.

FUTURE CHANGES TO LIMIT OR PROHIBIT PAYMENTS TO CRYPTOCURRENCY EXCHANGES WILL BE MADE, BUT WE’LL ALWAYS LET YOU KNOW BEFORE WE DO SO. DESPITE THE NEW LIMITATIONS, CUSTOMERS WILL STILL BE ABLE TO GET PAYMENTS FROM CRYPTOCURRENCY EXCHANGES INTO THEIR BANK ACCOUNTS.

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CRYPTO NEWS: SANTANDER UK LIMITS CRYPTOCURRENCY TRANSACTIONS.

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