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Santander UK Puts Limits on Crypto Exchange Transactions

Katie Lin

Summary: The U.K. branch of banking giant Banco Santander, Santander UK, said on Thursday that it is limiting individual transactions with crypto exchanges to $1,000 and total monthly transactions to $3,000. The changes are to take effect beginning Nov. 15. “In recent months we’ve seen a large increase in U.K. customers become victims of cryptocurrency fraud,” ...

The U.K. branch of banking giant Banco Santander, Santander UK, said on Thursday that it is limiting individual transactions with crypto exchanges to $1,000 and total monthly transactions to $3,000.

The changes are to take effect beginning Nov. 15.

“In recent months we’ve seen a large increase in U.K. customers become victims of cryptocurrency fraud,” the bank said. The bank also added that customers’ crypto wallets are not protected by UK’s ombudsman and compensation scheme.

The bank also warned that tighter restrictions will be coming.

Author: Katie Lin

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