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Santander UK limits crypto transactions, bank says investing in industry is ‘high risk’

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This Thursday, November 3, Santander UK, the British branch of Spanish financial giant Banco Santander, published a warning saying that “investing in cryptocurrencies can be high risk.”

Furthermore, the British bank also imposed a cap on cryptocurrency exchanges utilizing the company’s mobile and online banking services.

Santander UK limits transfers from crypto exchanges

Santander UK has published an update regarding cryptocurrencies and warns that investing in such financial vehicles can be “high risk.” The bank notes that the UK Financial Conduct Authority (FCA) has warned the public about such risks and the financial institution wants to do everything it can to protect customers.

“Santander UK feels that limiting payments to cryptocurrency exchanges is the best way to ensure your money remains safe,” explains the bank.

The financial institution has placed a cap of £1,000 (R$5713.31) per transaction, and a total limit of £3,000 (R$1,7139.94) in “any period of 30 days.” This is because Santander UK must operate under UK financial laws, and other companies associated with Santander may navigate differently.

The notice posted on the bank’s portal says customers can still receive payments from crypto exchanges to their accounts, but notes that more changes may come in the future.

“We will make more changes to limit or prevent payments from exchanges in the future, but we will always let you know before making these changes,” the update reveals.

The bank also highlights the largest crypto exchange by global trading volume, Binance, in its update. Santander UK has special restrictions when it comes to Binance, saying, “We will continue to prevent payments being sent to Binance.” The bank also shared a warning from the FCA about the exchange:

“You can still withdraw any money you have with Binance to your Santander account.”

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