The British branch Spanish multinational financial services and commercial bankSantander has now imposed a £1,000 ($1,120) limit on crypto transactions for customers in the UK.
Santander emphasizes the protection against crypto fraud and says that this restriction is meant to protect customers from investment risks. According to the firm,
“We do our best to protect our customers. Therefore, we believe that payment caps should be kept to a minimum. Exchanges for cryptocurrency This is the best way for you to ensure your money remains safe.”
The bank also declared that it would be closing its doors on the 15th November 2022. You can find more information at The limit on crypto transactions exceeding $3,360 within the next 30 days will be enforced. Customers who deposit funds to crypto exchanges with their Santander bank account are exempted from this restriction.
Although customers can withdraw funds from exchanges to bank accounts, the bank said that it will eventually make further changes to these limits and ban deposits to crypto exchanges.
This is not Santander’s first disapproval of crypto transactions. The bank had previously rejected crypto transactions last year. Blockade Payments from its UK customers to the Binance crypto exchange, stating it was to protect customers’ funds.
The cause of the blocking was UK’s financial regulator (Financial Conduct Authority)’s recent warning that Binance Markets Limited is not allowed to conduct any regulated activities in the country. The note also mentioned that funds transfers to Binance Exchange are still prohibited.
Santander was not the only one who wanted to stop crypto transactions last year. Former Member of British Parliament Nick Boles was also in this zone. Bitcoin is the largest cryptocurrency in terms of market capital, and it should be disapproved. Nick suggested to the Central Banks, that anyone who wishes to use Bitcoin For any payments, it should be exchanged for another currency.