“In recent months, we have seen a large increase in UK customers falling victim to cryptocurrency fraud,” a Santander spokesperson said. “We want to do everything we can to protect our customers and we feel limiting payments to cryptocurrency exchanges is the best way to make sure customers’ money stays safe.”
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Santander will continue to block sending payments to Binance, in line with the UK Financial Conduct Authority’s (FCA) tough stance on the exchange, which is banned from operating in the UK in 2021. The FCA claimed that the company was “unable to supervise effectively” and its “complex and high-risk financial products” posed a significant risk to consumers. Santander’s policy appears to be in line with the FCA’s recent cautious approach to crypto. In August 2022, the FCA announced plans to significantly tighten its rules on crypto advertising and align them with regulations governing traditional securities such as stocks and bonds.