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News

Santander Limits Crypto Transactions For UK Customers

November 4, 2022 - Around 1 mins mins to read
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.
Santander Limits Crypto Transactions For UK Customers

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.

Santander Limits Crypto Transactions For UK Customers

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

Binance

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

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.
Santander Limits Crypto Transactions For UK Customers

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.

Santander Limits Crypto Transactions For UK Customers

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

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