Santander UK Bank sets monthly limit on transactions to crypto exchanges
Santander UK has set a limit per transaction as well as a total monthly limit on the amount that users can transfer to crypto exchanges.
Santander UK Bank says investing in crypto can be high risk
The UK branch of banking giant Banco Santander yesterday issued a notice to its customers, warning users that investing in crypto assets can be high risk.
“In recent months, we have seen a large increase in UK customers falling victim to cryptocurrency fraud,” the bank notes.
Santander UK further explains, “The Financial Conduct Authority (FCA) has warned consumers about the risks of investing in crypto assets, as money held in customers’ crypto wallets is unlikely to be protected by the Financial Ombudsman Service and Financial Services Compensation Scheme if something goes wrong. error.”
As a way to protect its customers, the bank has decided that the best way to do it is to limit transfers to cryptocurrency exchanges.
From November 15, users of Santander UK mobile and online banking will have a limit of £1,000 (around $1,129) per transaction for transfers to these exchanges.
In addition, customers will also have a monthly aggregate limit of £3,000 (approx. $3,386) which will apply to any rolling 30-day period.
However, users can still transfer money from exchanges to their Santander UK bank accounts without any restrictions.
The lender also notes that it will continue to block transactions going to Binance. This restriction is due to the warning the FCA posted last year, saying that the cryptocurrency exchange is not authorized to carry out any regulated activity in the country.
However, customers are still free to withdraw their funds from Binance to their UK Santander bank accounts.
“We will be making more changes to limit or prevent payments to crypto exchanges in the future, but we will always let you know before we make these changes,” Santander communicates.
BTC price
At the time of writing, Bitcoin’s price is hovering around $20.8k, up 2% in the last week. Over the past month, the crypto has risen 6% in value.
Below is a chart showing the trend in the price of the coin over the last five days.
The value of the coin seems to have sharply surged up over the last twenty-four hours or so | Source: BTCUSD on TradingView
Bitcoin has fallen back into consolidation over the past week as the coin has mostly traded sideways around $20.5k. Nevertheless, the coin has still held strong above $20k, which investors would be happy about.
Featured image from Traxer on Unsplash.com, chart from TradingView.com
