Just got an email from Santander telling me that from 15 November, they’ll be limiting the amount I can send to cryptocurrency exchanges

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, 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.

Payments to Binance

We’ll continue to stop payments being sent to Binance. This follows the FCA's warning to consumers about this cryptocurrency exchange and is to help protect you against fraud. You can still withdraw any money you have with Binance into your Santander account.