Santander issues cryptocurrency restrictions from 15th November

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(Edited)

From 15th November, Santander has issued new restrictions. Here's what their website says:

https://www.santander.co.uk/personal/support/fraud-and-security/cryptocurrency

From 15th November 2022 where we identify payments to cryptocurrency exchanges using Mobile and Online Banking, we’ll limit the amount that you can send. These limits are applied per account.

You’ll be restricted to:

a £1,000 limit per transaction,

a total limit of £3,000 in any rolling 30-day period.

You can still get payments from cryptocurrency exchanges into your account.

We’ll be making more changes to limit or prevent payments to crypto exchanges in the future, though we’ll always let you know before we make these changes.

Apparently this is to prevent fraud. Though with the bitcoin price being lowish, and trading volumes well down compared to last year, it's not clear why they're suddenly worried about fraud.

It's getting harder and harder to buy crypto with fiat. Unless you are willing to try the newer banks like Revolut, it seems all you can do is be patient and buy slowly over time.



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