Cryptocurrency

Santander UK limits crypto transactions for its prospects

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Multinational banking group Santander has positioned a restrict on all crypto transactions for its prospects within the UK. The group cited cryptocurrency fraud warnings from regulators as the explanation behind its determination. 

In accordance an announcement on Nov. 3, the financial institution plans to guard its prospects from the dangers related to investing in crypto belongings, sharing that: “cash held in prospects’ crypto wallets is unlikely to be protected by the Monetary Ombudsman Service and Monetary Companies Compensation Scheme if one thing goes improper.”

In an alleged effort to defend its prospects from crypto-related dangers, Santander UK stated it believes that the easiest way to guard its purchasers is to restrict the amount of cash they will ship to crypto exchanges, asserting that that is, “the easiest way to verify your cash stays protected.”

The limitation will probably be enforced from Nov. 15, the place prospects will probably be restricted to a £1,000 restrict per transaction, and a complete restrict of £3,000 a month. The financial institution added:

“We’ll be making extra adjustments to restrict or stop funds to crypto exchanges sooner or later, although we’ll at all times let you recognize earlier than we make these adjustments”

Regardless of the newly imposed limitation, prospects will nonetheless be allowed to obtain funds from cryptocurrency exchanges of their financial institution accounts.

Associated: Santander’s UK arm follows Barclays in banning funds to Binance

The announcement was met with criticism and raised eyebrows from members of the crypto Twitter group. Bitcoin fanatic, podcaster, and writer @LayahHeilpern stated, “Bear in mind, they solely ban what threatens them. If this isn’t your sign to purchase I don’t know what’s…”

One other person by the identify of @alesxius shared: “Since when have they got the authority to let you know what you’ll be able to and may’t do with your individual cash?”

In 2021, Cointelegraph reported that Santander’s U.Okay. banks had adopted in Barclays’ footsteps in banning its prospects from sending funds to Binance, citing warnings from the Monetary Conduct Authority.