Santander Bank to impose limits on payments to crypto exchanges

Santander UK, a British bank wholly owned by the Spanish multinational financial services firm Santander Group, has informed its customers that payments to cryptocurrency exchanges will soon be restricted.

According to a recent notice (on the company’s website) aimed at customers, the bank has seen “a large increase in UK customers becoming victims of cryptocurrency fraud.”

And as a result, they have decided to place limits on payments to cryptocurrency exchanges in order to “protect” their customers.

The maximum amount per transaction and the maximum aggregate amount over any “rolling 30-day period” for payments made through Mobile Banking and Online Banking to cryptocurrency exchanges, respectively, are GBP 1,000 (£1,000) and GBP 3,000 (£3,000), respectively, as of November 15, 2022.

Payments from cryptocurrency exchanges to customer accounts, however, are unrestricted.

It’s interesting to note that more regulatory approvals have been granted to Binance than any other cryptocurrency exchange.