Santander UK Limits Cryptocurrency Exchange Transactions, Bank Says Investing in Crypto ‘Can Be High Risk’

On Nov. 3, Santander UK, the subsidiary of the Spanish fiscal elephantine Banco Santander, S.A., published a announcement that says “investing successful cryptocurrency assets tin beryllium precocious risk.” Furthermore, the British slope besides imposed a bounds connected cryptocurrency exchanges utilizing 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 successful specified fiscal vehicles tin beryllium “high risk.” The slope notes that the U.K.’s Financial Conduct Authority (FCA) has warned the nationalist astir specified risks and the fiscal instauration wants to bash everything it tin to “protect” customers. “[Santander UK feels] that limiting payments to cryptocurrency exchanges is the champion mode to marque definite your wealth stays safe,” the slope explains.

The fiscal instauration has placed a £1,000 ($1,120) bounds per transaction, and a full bounds of £3,000 ($3,360) successful “any rolling 30-day period.” Despite the bank’s warning, Santander-associated businesses are dedicating tons of effort toward tokenization, commodity tokens, and cryptocurrency services successful Brazil. The Spanish banking elephantine has besides crafted a bitcoin (BTC) exchange-traded money (ETF) successful Spain.

Santander UK, however, indispensable run nether the United Kingdom’s fiscal laws and different Santander-associated businesses navigate differently. The announcement posted to the bank’s web portal says that customers tin inactive get payments from crypto exchanges into their accounts, but it notes much changes could travel successful the future.

“We’ll beryllium making much changes to bounds oregon forestall payments to crypto exchanges successful the future, though we’ll ever fto you cognize earlier we marque these changes,” Santander UK’s update discloses.

The slope besides highlights the largest crypto speech by planetary commercialized volume, Binance, successful the update. Santander UK has peculiar restrictions erstwhile it comes to dealing with Binance. “We’ll proceed to halt payments being sent to Binance,” Santander UK says. The slope besides shares an FCA warning written astir Binance.

“You tin inactive retreat immoderate wealth you person with Binance into your Santander account,” the update from Santander UK concludes.

What bash you deliberation astir Santander UK imposing limits connected crypto speech transactions? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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