Santander limits Bitcoin payments amid fresh crackdown on customer crypto spending

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The bank joins the likes of Lloyds, Barclays and RBS, who have implemented a slew of new measures to restrict crypto activity.

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As the bank set new limits on transactions in Bitcoin and Ethereum and warned of the risks of investing in crypto assets, Antender intensified its crackdown on client crypto trading.

15. Fromth In November, Santander mobile and online banking customers will be capped at £1,000 for individual cryptocurrency transactions and £3,000 on transactions over a rolling 30-day period. Payments sent to cryptocurrency exchange Binance will continue to be blocked, while payments from cryptocurrency exchanges, including Binance, will be allowed.

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Santander is the latest bank to ban customer crypto activity, joining the likes of Lloyds, Barclays and RBS who have implemented a slew of new measures including blocking credit card payments and blocking transactions with crypto exchanges. 47% of UK banks do not allow customers to interact with crypto exchanges, According to personal finance comparison site Finder.com.

In a statement posted on its website, Santander told customers: “In recent months we have seen a large increase in UK customers who have become victims of cryptocurrency fraud.

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

Santander’s dominance is in stark contrast to fintech firm Revolut, which earlier this week announced the launch of a new crypto card. Revolt Pay with Crypto feature offers customers 1% cashback in crypto paying with any of nearly 100 supported tokens including Dogecoin, Bitcoin and Ethereum. Cashback is paid in the same currency in which the spend is made – so if the spend is in Dogecoin then 1% cashback is also paid in Dogecoin.

Emil Urmanshin, crypto general manager at Revolut, said: “We are making crypto even more mainstream by empowering people to spend their tokens for everyday purchases using crypto-enabled cards.”

Credit: www.standard.co.uk /

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