The UK branch of Spanish financial giant Santander imposes limits on crypto transactions.
The company has placed a £1,000 cap on crypto transactions for customers, taking into account warnings from regulators.
Santander Limits Crypto Transactions
Spanish financial firm has announced that it will impose limits on crypto transactions.
Accordingly, a limit of 1000 pounds per transaction will be imposed, while the monthly limit will be 3000 pounds.
Restrictions will be limited to customers depositing crypto from their bank account to cryptocurrency exchanges. For this reason, customers will still have the opportunity to withdraw funds from exchanges to their accounts in Santander. The bank also stated that it could make changes to these limits, and that it could completely ban money transfers to exchanges.
The bank said the restrictions were introduced to protect customers from crypto risks.
Santander had previously banned money transfers to Binance.
Swiss authorities also announced that they have made the identity check requirement mandatory for transactions over 1000 francs.