Santander UK to block transfers to crypto exchanges

The British bank Santander will block transactions to Bitcoin exchanges in 2023 to protect customers from fraud, Reuters reports.

Representatives of the financial institution did not specify when the measure would come into force.

From 15 November, the bank will impose limits on such transfers using mobile and online banking up to £1000 (~$1456) per transaction and up to £3000 (~$4368) in total within a month.

The restrictions will not apply to withdrawals from crypto exchanges.

“In recent months we have seen a significant rise in cryptocurrency fraud victims among customers. […] Limiting payments […] is the best way to ensure that funds remain safe,” the notice to customers says.

Santander maintains the transfers ban introduced in July 2021 to Binance. The decision was taken after a warning FCA regarding the exchange’s activities in the country.

According to Finder, a similar approach to crypto platforms is followed by 47% of the largest British banks, including Lloyds, Nationwide and HSBC.

Earlier in August, the FCA approved stricter rules to curb misleading advertising related to high-risk investment products. They do not mention cryptocurrencies.

Earlier the regulator warned investors away from dealing with FTX.

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