The British branch of the Spanish multinational commercial banking and financial servicesSantander now has imposed a limit of £1,000 ($1,120) on crypto transactions for UK customers.

Emphasizing protection against crypto fraud, Santander says that this restriction is intended to protect customers from the risks of crypto investment. The firm noted,

“We want to do everything we can to protect our customers and believe that limiting payments to cryptocurrency exchanges is the best way to make sure your money is safe.”

In addition, the bank also stated as of November 15, 2022, a A limit would be implemented to make crypto transactions worth $3,360 for 30 days. The restriction only applies to customers who use their Santander bank account to deposit funds on cryptocurrency exchanges.

Although customers can still withdraw money from exchanges to their bank account, the bank added that it would eventually make further changes to these limits and completely ban the deposit of funds on cryptocurrency exchanges in the future.

Notably, this is not the first move by Santander to disapprove of crypto transactions. Last year the bank blocked Payments from its UK customers to cryptocurrency exchange Binance, claiming it was to protect customer funds.

The blockage was related to the UK financial regulatorFinancial Conduct AuthorityThe recent warning from ) that Binance Markets Limited cannot conduct any regulated activity in the country. At the bottom of the note, the bank mentioned that fund payments on the Binance exchange are still prohibited.

Not only was Santander in the mood to block crypto transactions last year, but former British MP Nick Boles was also in the zone of disapproving of the largest cryptocurrency by market cap, Bitcoin. Nick suggested to Central Banks that anyone who wanted to use Bitcoin for any payment you must be forced to exchange it for another currency.

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