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Santander UK Limits Crypto Transactions to Combat Fraud

Santander UK has introduced limits on crypto exchange transactions to protect customers from rising fraud cases.
Published on 2022-11-07

Santander UK Restricts Crypto Transactions

Santander UK has announced significant restrictions on cryptocurrency transactions to combat a surge in crypto-related fraud. The bank will impose a £1,000 limit on individual transactions and a £3,000 monthly cap for transfers to crypto exchanges. These measures aim to safeguard customers from fraudulent activities.

Key Details of the Restrictions

  • Transaction Limits: Starting November 15, customers using mobile or internet banking will be limited to £1,000 per transaction and £3,000 in any 30-day period for transfers to crypto exchanges.
  • Complete Halt by 2023: Santander plans to stop all real-time crypto exchange payments, including those made via telephone, in-branch, or online banking, by 2023.
  • Receiving Payments: Customers will still be able to receive crypto exchange payments into their accounts.

Rising Fraud Concerns

The move comes amid a notable increase in UK customers falling victim to crypto scams. Santander has emphasized that protecting customers from cryptocurrency fraud is a top priority. The bank is also collaborating with authorities to enhance fraud protection.

This initiative aligns Santander UK with other major UK banks that have implemented similar restrictions to curb crypto-related risks.

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