For the British branch of the banking giant Santander, cryptocurrencies are returning to sulfur

Some stories that make the news look like they were born directly from a past that we naively thought was over. Santander UK, the UK branch of Spanish financial giant Banco Santander, has decided to limit its customers’ interaction with cryptocurrency exchanges. First, by placing a limit on the funds sent to exchangesperhaps before a total ban on deposits from bank accounts.

Santander UK limits customer deposits on cryptocurrency exchanges

Yesterday, Santander UK notified customers of the change in its cryptocurrency policy. From 15 November the bank will limit the amount they can send on exchanges: £ 1,000 (€ 1,146) per transaction and a cap of £ 3,000 (€ 3,440) over “any 30 consecutive day period”. A first step of course, given that the institute warns him other more drastic measures could be implemented in the coming months, possibly even reaching the ban.

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

Notice to customers

Restrictions adopted 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 increase in the number of UK customers who are victims of cryptocurrency fraud. The FCA has warned consumers of the risks of investing in cryptocurrencies, as money held in clients’ crypto wallets is unlikely to be protected by the Financial Ombudsman Service and the Financial Services Compensation Scheme if anything goes wrong.

Notice to customers

Infantilization policy in the name of consumer protection

The bank, in fact, as if taking care of the donkeys (protect them, they don’t know what they are doing), considered “that limiting payments to cryptocurrency exchanges is the best way to ensure the safety of [ l’argent] of its customers.

However, the latter will still be able to transfer their funds from exchanges to their bank accounts. And also those held on Binance, which receives a special mention in the bank’s update due to a warning (dating back to August 2021) from the UK watchdog.

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Note that elsewhere, the local divisions of the banking group operating independently, Santander is much more sympathetic to the cryptocurrency world. Particularly in South America, where the bank is multiplying its initiatives. For example, it helped launch a cryptocurrency-backed lending pilot project for Argentine farmers, in partnership with South American tokenization platform Agrotoken. As for its Brazilian branch, it will prepare a range of crypto services for its local clientele in 2023.

This kind of adventures that mark the history of cryptocurrencies shouldn’t scare you, rather it would be an indication of a rise in power of Bitcoin and others that is shaking proponents of the traditional monetary order. Also, do not be impressed and do not wait any longer to take the train of the ongoing revolution, register at the Bytbit exchange (commercial link) to make your first purchases.

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