Santander UK yields to regulators’ warnings

Santander is a multinational banking group. Santander UK is the name of its UK branch. In 2021, bank branches decided to ban their customers from making payments on the Binance exchange. At the time, they indicated that their decision was taken following warnings from the Financial Conduct Authority. (FCA). 1 year later, Santander UK makes another decision in accordance with the rules set by the regulator. Here is the new measure taken by the branch to comply with the regulations in force.

Santander imposes limit of £1,000 per transaction

Regulators such as the Financial Conduct Authority have recently warned against cryptocurrency fraud. The FCA has warned consumers that investing in cryptocurrencies is risky. In this context, Santander UK decided to impose a limit on your customers’ crypto transactions🇧🇷 The agency recently posted on its website the new rules that will apply to cryptocurrency-related transactions.

She said: “As of November 15, 2022 […], we will limit the amount you can send. These limits are applied per account“. He provides “a limit of £1,000 per transaction“. In addition, the total limit for 30-day transactions is estimated at £3,000. Santander UK clarified:You can still receive payments from cryptocurrency exchanges in your account🇧🇷

Is it time to invest in cryptos?

according to a Publication on Twitter by Layah Heilpern on November 3, Santander UK’s decision shows that crypto is a promising sector. The author of Undressing Bitcoin explained: “Santander UK has imposed a limit of £3,000 per month on the purchase of cryptocurrencies on exchanges. […] Remember, they only forbid what threatens them. If that’s not your buy signal, I don’t know what is.🇧🇷

Santander says it may ban deposits on exchanges in the future.

One user commented on Layah Heilpern’s post stating his outrage at the British company’s decision. Indeed, the commentator said: “Since when do they have the power to tell you what you can and cannot do with your own money?🇧🇷

Banking group Santander UK is planning a number of other changes aimed at preventing its customers from transacting on cryptocurrency exchanges. He argued that his sole purpose is to protect his customers from cryptocurrency-related fraud risks.

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Luc José Adjinacou avatar
Luc José Adjinacou

Far from dampening my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its various uses and relay with my pen the information relating to this ecosystem.

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