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Santander imposes limits on payments to crypto exchanges

Santander imposes limits on payments to crypto exchanges

Citing rising fraud, the UK arm of Santander is putting in place a £3000 monthly limit on payments to cryptocurrency exchanges.

From 15 November, the bank's customers will not be able to use the bank's online and mobile services to buy more than £1000 of crypto per transaction, with a total limit of £3000 in any rolling 30-day period.

Santander says the move is designed to protect customers, noting that it has seen a "large increase" in the number falling victim to crypto fraud.

The bank cites a Financial Conduct Authority warning about the risk of investing in crypto, as money held in wallets is unlikely to be protected under the Financial Service Compensation Scheme.

Meanwhile, Santander says it will continue to stop payments to Binance, citing recent FCA warnings.

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