UK bank Santander will block real-time payments for crypto exchanges next year. According to an email to customers, the move is intended to protect customers from scams. Santander has not disclosed when the change will take effect in 2023. The bank will enforce a more limited set of restrictions in the short term.
Payments for cryptocurrency exchanges using online banking will be limited to £1,000 per transaction from November 15 onwards, with a limit of £3,000 in total in any rolling 30-day period. The new rules will not affect the ability of consumers to make withdrawals.
“In recent months, we have seen a rise in UK customers becoming victims of crypto fraud,” said a Santander spokesperson. “We will do everything we can to protect our consumers, and we feel that limiting payments to crypto exchanges is the best way to ensure your money stays safe.”
Santander will continue to block payments that are being sent to Binance in light of the UK Financial Conduct Authority’s (FCA) harsh stance on the exchange, which was banned from operating in the UK in 2021 by the watchdog group.
The FCA claimed the firm is “incapable of being effectively supervised” and its “complex and high-risk financial products” pose a significant risk to consumers. But not all UK banks are pulling back from crypto. Neobank Revolut, operating in the UK since 2015, recently launched a card that allows users to pay in crypto for their goods and services.