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Santander UK Restricts Cryptocurrency Transactions For Its Clients

The international banking conglomerate Santander has restricted its clients in the United Kingdom from engaging in any cryptocurrency transactions. The organisation justified its choice by pointing to authorities’ warnings about fraudulent activities using cryptocurrencies.

In light of the fact that “money held in customers’ crypto wallets is unlikely to be protected by the Financial Ombudsman Service and Financial Services Compensation Scheme if something goes wrong,” the bank stated in an announcement published on November 3 that it intends to protect its customers from the risks associated with investing in crypto assets.

Santander UK stated that it believes that the best way to protect its clients is to limit the amount of money that they can send to crypto exchanges, claiming that this is “the best way to make sure your money stays safe.” This statement was ostensibly made in an effort to shield Santander UK’s customers from the risks associated with cryptocurrencies.

Starting on November 15th, the limit will be imposed, and clients will be restricted to a maximum of a thousand British pounds (GBP) per transaction and a total limit of three thousand GB pounds (GBP) per month.

Customers will still be able to receive payments from cryptocurrency exchanges in their bank accounts, notwithstanding the newly imposed limitations on the amount of money that may be sent.

Members of the cryptocurrency community on Twitter expressed their disapproval and raised their eyebrows in response to the statement. Layah Heilpern, a Bitcoin fan, podcaster, and author, stated, “Remember, they only prohibit what threatens them. Bitcoin BTC tickers down $20,357.”

Similar to the situation with Barclays, Santander’s banks in the United Kingdom prohibited its clients from transferring payments to the cryptocurrency exchange Binance, citing warnings issued by the Financial Conduct Authority.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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