Santander Limits Crypto Transactions For UK Customers

In response to authorities’ concerns about cryptocurrency fraud, Santander UK, the Spanish financial giant’s British subsidiary, has established a £1,000 ($1,120) restriction on cryptocurrency transactions for consumers.

Additionally, the bank announced that customers would be restricted to $3,360 in total cryptocurrency transactions each 30-day period.

Customers using their bank accounts to deposit cryptocurrency into exchanges are subject to these limitations. Customers can therefore continue to withdraw money from exchange platforms into their bank accounts. The bank added that it might outright prohibit deposits to cryptocurrency exchanges while also saying that it will be changing these limits further.

The notice from the bank upheld its prohibition on payments to Binance. Several banks and financial organizations started preventing transfers to Binance last year, including Santander.

The announcement comes as Swiss authorities are getting ready to require identity checks for cryptocurrency transactions worth more than $1,005 in Swiss francs.

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