Santander to limit crypto buying over fraud spike

'Large increase' in fraud

clock • 1 min read

Santander will limit the amount customers can send as payments to cryptocurrency exchanges after seeing a “large increase” in fraud.

The limits will come in from 15 November, and will apply where Santander identifies payments to cryptocurrency exchanges using mobile and online banking. Customers will be restricted to a £1,000 limit per transaction, and a total limit of £3,000 in any rolling 30-day period.  These limits are applied per account.  Payments from cryptocurrency exchanges will still be able to be received into customers' accounts. Hong Kong reconsiders stance on tokenised securities and crypto ETFs In a statement, Santander said the move is in reaction to seeing in "a large increase in UK cu...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Alternatives

Trustpilot