Santander to block transfers to crypto exchanges

Santander Bank to block UK transfers to crypto exchanges in 2023

Nov 07, 2022
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Starting from Nov 15, the bank will limit of £1,000 per transaction and a total limit of £3,000 in any rolling 30-day period.

Santander will block UK customers from sending real-time payments to cryptocurrency exchanges next year as part of measures to protect customers from scams, the bank said in an emailed statement on Friday and reported by Reuters.

According to the news agency, the bank will introduce a block on all real-time payments to cryptocurrency exchanges made via telephone banking and in-branch payments, as well as online and mobile banking. The block will starts at an unspecified point during 2023.

From Nov. 15 this year, the bank will join other UK retail banks in limiting customer transfers to cryptocurrency exchanges. Santander customers will face limits of 1,000 pounds ($1,123) per transaction and 3,000 pounds in total in any rolling 30-day period, for transfers to crypto exchanges via mobile and online banking, but will still be able to receive payouts from crypto exchanges into their accounts.

"We intend to further protect customers by blocking all faster payments we identify to cryptocurrency exchanges from Santander accounts – this will be implemented during the course of 2023," a Santander spokesperson said to Reuters.

Santander said it would continue to block all transfers to the crypto exchange Binance, a policy introduced in July 2021 following a warning from Britain's financial regulator about the exchange.

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