The UK branch of Santander, one of the world’s largest banks Santander UKdecided to impose a set of restrictions on citizens trading crypto in the country.
The iconic bank of Spain, its customers in the UK cryptocurrency limited money transfers to its stock exchanges to a maximum of £1,000. When customers want to send larger amounts of money on crypto exchanges, they will have to do the transaction in chunks.
This is not the only restriction Santander has imposed on crypto exchanges. The bank has limited the monthly transfer limit to £3,000.
“My bank has limited the amount of money our customers can send to crypto exchanges at one time to £1,000 from 15 November 2022. This limit will be applied per account.”
The giant bank based the reason for the transaction limit restriction on user security. In Santander’s statement, it was stated that investing in cryptocurrencies is risky.
The kingdom’s institution responsible for financial transactions FCAhas prepared a draft for the regulation of cryptocurrencies in the past months. The authority also deals with the relations of banks and crypto exchanges for regulations. The FCA is concerned that crypto markets are still raw and cases of fraud are becoming more and more common.
FCA Banned Giant Crypto Exchange Last Year
The British Financial Conduct Authority announced that it banned the world’s largest cryptocurrency exchange Binance in the summer of 2021. FCA, citizens Binance It continues to apply great pressure especially to banks so that they cannot transfer money to the stock market.
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