British bank Santander blocks payments to crypto exchanges

British bank Santander joins a minority of British banks trying to restrict crypto investments.

Stricter package of restrictions

The British bank Santander will block the possibility of payments to crypto exchanges next year. The bank wants to protect its customers against scams and fraud.

Santander has not said when these changes will take effect. In the short term, the bank will in any case impose a stricter package of restrictions.

From November 15, payments to crypto exchanges via mobile and online banking will be limited to £1,000 per transaction. In addition, there is an aggregate limit of £3,000 of transactions in any 30 day period. However, the new rules will not affect customers’ ability to withdraw funds.

In recent months we have seen a large increase in UK customers falling victim to crypto fraud. We are committed to protecting our customers and we believe that limiting payments to crypto exchanges is the best way to ensure your money stays safe.

– Santander

British Banking Policy

Santander will continue to block payments sent to Binance. The bank is in line with the position of the British Financial Conduct Authority (FCA) on the exchange, which was banned from operating in the UK in 2021. The FCA claimed the company is incapable of effective oversight and that its complex financial products pose a risk to consumers.

Santander’s policies appear to be in line with the FCA’s recent approach to crypto. In August 2022, the FCA announced plans to tighten its rules for crypto advertising.

Santander is not the only bank among the British High Street banks to be strict against crypto. Nearly half, 47 percent, of the major banks in the UK do not support cryptocurrency.

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This group mainly consists of traditional high street banks such as Lloyds, Nationwide, HSBC and TSB Bank, but also includes some of the newer banks such as Starling Bank.

But not all British banks are turning against the crypto sector. Neobank Revolut, which has been operating in the UK since 2015, recently launched a card that allows users to pay for their goods and services in crypto.

Revolut’s crypto feature allows users to choose more than 1,000 tokens. In addition, it allows users to get money back on their purchases.

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