Crypto: Santander UK gives in to regulators' warnings

Santander is a multinational banking group. Santander UK is the name of its UK branch. In 2021, the branch banks decided to ban their customers from making payments to the Binance exchange. At the time, they indicated that their decision was taken following warnings from the Financial Conduct Authority (FCA). 1 year later, Santander UK takes another decision according to the rules established by the regulator. Here is the new measure taken by the branch to comply with the regulations in force.

Santander imposes a limit of £1,000 per transaction

Regulators like the Financial Conduct Authority have recently warned against cryptocurrency fraud. The FCA has warned consumers that investing in cryptocurrencies is risky. In this context, Santander UK has decided to impose a limit on the transactions in cryptos of its customers. The branch recently published on its site the new rules that will apply to operations related to crypto.

She said: “From November 15, 2022 […], we will limit the amount you can send. These limits are applied per account“. It provides “a limit of £1,000 per transaction“. Additionally, the total limit for 30-day transactions is estimated at £3,000. Santander UK clarified:You can still receive payments from cryptocurrency exchanges in your account“.

Is it time to invest in cryptos?

According to a publication on Layah Heilpern’s Twitter on November 3, Santander UK’s decision shows that crypto is a promising sector. The author of Undressing Bitcoin explained: “Santander UK has imposed a limit of £3,000 per month for buying cryptocurrencies on stock exchanges. […] Remember, they only ban what threatens them. If that’s not your signal to buy, I don’t know what is.“.

Santander says it may ban deposits on exchanges in the future.

A user commented on Layah Heilpern’s post stating his outrage at the British company’s decision. Indeed, the commentator said: “Since when do they have the power to tell you what you can or cannot do with your own money“.

The Santander UK banking group is planning several other changes aimed at preventing its customers from transacting on crypto exchanges. He argued that his sole purpose is to protect his clients from crypto-related fraud risks.

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