On Nov. 3, Santander UK, the subsidiary of the Spanish financial giant Banco Santander, S.A., published a notice that says “investing in cryptocurrency assets can be high risk.” Furthermore, the British bank also imposed a limit on cryptocurrency exchanges using the firm’s mobile and online banking services.
Santander UK Limits Crypto Exchange Transfers to ‘Protect’ Customers
Santander UK has published a new update concerning cryptocurrencies and it warns that investing in such financial vehicles can be “high risk.” The bank notes that the U.K.’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 make sure your money stays safe,” the bank explains.
The financial institution has placed a £1,000 ($1,120) limit per transaction, and a total limit of £3,000 ($3,360) in “any rolling 30-day period.” Despite the bank’s warning, Santander-associated businesses are dedicating lots of effort toward tokenization, commodity tokens, and cryptocurrency services in Brazil. Spanish bank giant Santander has created a Bitcoin (BTC), exchange-traded funds (ETF) in Spain.
Santander UK, however, must operate under the United Kingdom’s financial laws and other Santander-associated businesses navigate differently. The notice posted to the bank’s web portal says that customers can still get payments from crypto exchanges into their accounts, but it notes more changes could come in the future.
“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,” Santander UK’s update discloses.
In the latest update, the bank highlights Binance as the biggest crypto exchange in terms of global trade volume. Santander UK has specific restrictions regarding Binance. “We’ll continue to stop payments being sent to Binance,” Santander UK says. A warning by the FCA regarding Binance was also shared by the bank.
“You can still withdraw any money you have with Binance into your Santander account,” the update from Santander UK concludes.
Santander UK is limiting crypto exchange transaction volume. What are your thoughts? Please comment below to let us know your thoughts on this topic.
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