Santander UK Introduces Strict Limits on Crypto Transactions to Combat Fraud

Santander UK Imposes Transaction Limits on Crypto Exchanges

The UK branch of Santander Bank has introduced strict limits on transactions to crypto exchanges amid a surge in cryptocurrency fraud cases. Starting November 15, customers will be restricted to £1,000 per transaction and £3,000 in total over any 30-day period for mobile and internet banking transfers to crypto exchanges.

Enhanced Protective Measures for 2023

Santander plans to halt all real-time payments to crypto exchanges by 2023, including transactions made through telephone banking, in-branch payments, internet, and mobile banking. However, customers will still be able to receive payments from crypto exchanges into their accounts.

The move comes as Santander has observed a significant increase in UK customers falling victim to crypto scams. A spokesperson emphasized that protecting customers from cryptocurrency fraud is a top priority. The bank aims to block all faster payments to crypto exchanges from Santander accounts to further safeguard its users.

Pay UK, the organization behind the UK's Faster Payment infrastructure, is collaborating with authorities and the payments sector to enhance protections for fraud victims. This initiative reflects a broader effort by financial institutions to address the growing risks associated with cryptocurrency transactions.