Santander UK is to block customers from making payments to cryptocurrency exchanges.
From next week (15th November) the high street bank will introduce restrictions to the amount users can transfer to invest in crypto.
It said the limits – £1,000 per transaction, and £3,000 total in any rolling 30-day period – are in response to a large increase in customers becoming victims of cryptocurrency fraud.
Customers will still be able to receive payments from cryptocurrency exchanges into their bank account.
At an unspecified date in 2023, this will be extended into a full ban on such payments, Santander UK said.
“The Financial Conduct Authority 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 something goes wrong,” it stated.
“We want to do everything we can to protect our customers and we feel that limiting payments to cryptocurrency exchanges is the best way to make sure your money stays safe.”