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On November 3, Santander UK, the subsidiary of Spanish financial giant Banco Santander, SA, published a notice saying that “investing in cryptocurrency assets can be high risk.” Furthermore, the UK bank also imposed a limit on cryptocurrency exchanges using the firm’s mobile and online banking services.
Santander UK has published a new update on cryptocurrencies, and it warns that investing in such financial vehicles can be “high risk”. The bank notes that the UK’s 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 that your money remains safe, the bank explains.
The financial institution has set a limit of £1,000 ($1,120) per transaction, and a total limit of £3,000 ($3,360) in “any rolling 30-day period”. Despite the bank’s warning, Santander affiliates are dedicating a lot of effort towards tokenization, commodity tokens and cryptocurrency services in Brazil. The Spanish banking giant has also created a bitcoin (BTC) exchange-traded fund (ETF) in Spain.
However, Santander UK must operate under UK financial laws and other Santander affiliates navigate differently. The notice posted on the bank’s online portal states that customers can still receive payments from crypto exchanges into their accounts, but notes that more changes may come in the future.
“We will be making more changes to limit or prevent payments to crypto exchanges in the future, but we will always let you know before we make these changes,” Santander UK’s update reveals.
The bank also highlights the largest crypto exchange by global trading volume, Binance, in the update. Santander UK has special restrictions when dealing with Binance. “We will continue to freeze payments sent to Binance,” Santander UK says. The bank also shares an FCA warning written about Binance.
“You can still withdraw money you have with Binance to your Santander account,” concludes the update from Santander UK.
What do you think about Santander UK introducing crypto exchange transaction limits? Let us know what you think about this topic in the comments section below.
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