Santander Slammed as U.K. Customers Face New Crypto Restrictions
Crypto News

Santander Slammed as U.K. Customers Face New Crypto Restrictions

1m
Created 2mo ago, last updated 2mo ago

Bitcoiners are accusing the financial institution of clamping down on crypto because it "threatens" its business model.

Santander Slammed as U.K. Customers Face New Crypto Restrictions

Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify and Google Podcasts

U.K. customers with a major bank will soon find it harder to buy crypto from exchanges.

Santander says payments to these trading platforms will be capped at $1,100 per transaction — and no more than $3,300 can be spent in a single 30-day period.

In a statement, executives said the move was in response to "a large increase in customers becoming victims of cryptocurrency fraud."

Bitcoiners have criticized Santander's decision — and are accusing the financial institution of clamping down on crypto because it "threatens" its business model.

There's a great deal of inconsistency across British banks when it comes to crypto, and some do allow purchases to be made without restrictions.

1 person liked this article