The crypto payment restrictions will be in place from 15th November 2022. Credit: Traxer on Unsplash.

Santander UK has announced that it is going to limit the amount customers can send to cryptocurrency exchanges.

The move comes in response to an increase in cases of cryptocurrency fraud in the UK, the bank noted.

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The restrictions will be in place from 15 November 2022 for payments to cryptocurrency exchanges using mobile and online banking.

Specifically, each account will be subject to a limit of £1,000 per transaction and a total limit of £3,000 in any rolling 30-day period for money being sent to exchanges.

Customers will still be allowed to receive payments from cryptocurrency exchanges into their accounts.

The Financial Conduct Authority has warned about the risks related to crypto investments.

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Notably, money held in customers’ crypto wallets is unlikely to be covered under the Financial Ombudsman Service and Financial Services Compensation Scheme.

“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,” Santander UK said in a statement.

The bank said it will be making further changes to limit or prevent payments to crypto exchanges.

In an emailed statement to Reuters, the bank said that in 2023 it plans to block all real-time payments to cryptocurrency exchanges.

“We intend to further protect customers by blocking all faster payments we identify to cryptocurrency exchanges from Santander accounts – this will be implemented during the course of 2023,” the lender was quoted by the news agency as saying.

Additionally, the lender said it will continue to block payments being sent to Binance following FCA’s warnings about this cryptocurrency exchange.