Santander Bank Limits Cryptocurrency Exchange Transactions – Find Out Why
Source: iStock/Orbon Alija Santander UK, the UK unit of banking giant Banco Santander, has placed restrictions on crypto transactions for its customers, including a £1,000 limit on individual transactions with crypto exchanges and a £3,000 limit on total monthly transactions. In a note to customers on Thursday, the bank said that it will limit the amount customers can send when they identify the receiver as a cryptocurrency exchange. It cited increasing cryptocurrency fraud as the reason for the decision. "We want to do everything we can to protect our customers and we feel that limiting payments to cryptocurrency exchanges is the best way to make sure your money stays safe," the statement reads. The limits, which will go into effect starting November 15, will restrict customers to a £1,000 limit per transaction, and a total limit of £3,000 a month. "We’ll be making more changes to limit or prevent payments to cryp...