Banco Santander is a big Spanish bank that
first entered the United Kingdom in 1988 with a fifteen-year alliance with The Royal Bank Scotland. In 2004, it began its direct commercial activity with the acquisition of Abbey National. The Bank continued to grow through acquisitions, including Bradford & Bingley and Alliance & Leicester in 2008 and 2009.
https://www.santander.co.uk/about-santander/our-historyNow it turns out that it is imposing restrictions on its customers if they want to move their money to acquire bitcoin and cryptocurrencies. The reason: they say it is to protect them, but it is clear to me that they are not telling the whole truth.
In recent months we've seen a large increase in UK customers become victims of cryptocurrency fraud.
The Financial Conduct Authority (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 something goes wrong.
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.
Limit on cryptocurrency payments
From 15th November 2022 where we identify payments to cryptocurrency exchanges using Mobile and Online Banking, well limit the amount that you can send. These limits are applied per account.
Youll be restricted to:
a £1,000 limit per transaction,
a total limit of £3,000 in any rolling 30-day period.
While there may be some reasonable justification for this, as there are indeed people falling victim to scams in the world of cryptocurrencies, I think the bold highlighting is the crux of the matter. People who get scammed are not usually scammed for having their cryptocurrencies in their hardware wallet, on the contrary. What really happens is they are very upset that people can keep large amounts of digital currency in their own wallets and avoid the bank.
Some people call it the
Satander Bank.