For the UK branch of banking giant Santander, crypto is getting sulfury again

Some stories that make the news seem like it came from a past that we naively believed had been overcome. Santander UK, the British subsidiary of Spanish financial giant Banco Santander, has decided to circumscribe its customers’ interaction with cryptocurrency exchanges. First, by placing a limit on funds sent to exchangesperhaps before a total ban on deposits in bank accounts.

Santander UK limits customer deposits on cryptocurrency exchanges

Yesterday, Santander UK has warned their clients of their change in cryptocurrency policy. As of November 15, the bank will restrict the amount they can send on exchanges: £1,000 (€1,146) per transaction and a total limit of £3,000 (€3,440) during “any consecutive 30-day period”. A first step obviously, since the institution warns that other more drastic measures could take place in the coming months, possibly going as far as a ban.

We will make further changes to limit or prevent payments to cryptocurrency exchanges in the future, but we will always notify you before making these changes.

Notice to customers

Restrictions taken as always in the name of consumer protectionr, the institution citing warnings from the Financial Conduct Authority (FCA), the feared UK regulator.

In recent months, we have seen a sharp rise in the number of UK customers falling victim to cryptocurrency fraud. The FCA has warned consumers about the risks of investing in crypto assets as money held in customers’ crypto wallets is unlikely to be protected by the Financial Ombudsman Service and Financial Services Compensation Scheme if anything. goes wrong.

Notice to customers

Infantilization policy in the name of consumer protection

In fact, the bank, as if it were in charge of donkeys (protecting them, they don’t know what they are doing), considered “that limiting payments to cryptocurrency exchanges is the best way to guarantee the security of [ l’argent] of your customers

However, the latter will still be able to transfer their funds from exchanges to your bank accounts. And even the ones on Binance, which gets a special mention in the bank update of a warning (dated August 2021) from the British watchdog.

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Note that elsewhere, the local divisions of the banking group operate independently, Santander is much more friendly with the world of cryptocurrencies.. In particular in South America, where the bank is multiplying its initiatives. so she helped launch a pilot project of loans guaranteed by crypto assets for Argentine farmers, in collaboration with the South American tokenization platform Agrotoken. As for its Brazilian branch, it would prepare a range of crypto services for its local customers in 2023.

These types of adventures that dot the history of crypto should not scare you, rather it would be the index of a rise in power of Bitcoin and others that makes supporters of the traditional monetary order tremble. Also, do not be impressed and do not wait any longer to take the train of the revolution in the making, register at bit swapping (commercial link) to make your first purchases.

Vince Fernandez

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