While citing the increasing rate of fraud, the UK arm of Santander is now putting in place a £3000 monthly limit on the payments sent to crypto exchanges.
Starting November 15, the bank’s users will not have a chance to use the bank’s online and mobile services to acquire more than £1000 of cryptocurrency per transaction, with a total limit of £3000 in any rolling 30-day period.
According to Santander, this move is designed to protect clients. The bank said that it has seen a “large increase” in the number of people falling victim to crypto fraud.
Buy Crypto NowThe bank cites a Financial Conduct Authority (FCA) warning about the risk of investing in cryptocurrency since money held in wallets might not be protected under the Financial Service Compensation Scheme (FSCS).
In the meantime, Santander said would continue to stop all payments to Binance, citing recent FCA warnings and directives.
