Coinbase Announces Changes For UK Users Trying To Deposit And Withdraw GBP
- Coinbase announced changes for U.K. users depositing and withdrawing GBP
- Coinbase users in the U.K. will have reduced trading fees for two weeks in August
Coinbase, one of the most popular and recognized exchanges in the cryptocurrency market, announced that Coinbase.com customers in the United Kingdom may experience some issues related to deposits and withdrawals of GBP. According to Zeeshan Feroz, CEO of Coinbase UK, they are working in order to transition their payments system.
Coinbase Acknowledges Issues With GBP Withdrawals And Deposits
According to Mr. Feroz in a blog post uploaded on July 24, starting on July 31, the exchange is going to be removing Faster Payments Scheme support for domestic GBP deposits and withdrawals. The main intention behind it is to offer better services to be efficient, secure and compliant with regulations.
Feroz says that the suspension of GBP bank transfers is clearly very inconvenient for UK customers. This is why they are going to be reducing trading fees on Coinbase for impacted UK customers between August 1st and August 15th.
There are many other ways for users to purchase digital assets in the United Kingdom. It is possible to do so using a debit or credit card on Coinbase.com, being this the fastest way to buy cryptocurrencies. Another way is to transfer money into the EUR wallet to buy crypto, which is known as SEPA payment. Users that want to deposit more than £10,000 can do so through SWIFT deposits.
In order to withdraw funds, users can select the PayPal account, the fastest way to get GBP from Coinbase GBP wallet into a UK bank account. In addition to it, users would be able to transfer money from the Coinbase EUR wallet to a bank account, which can take up to three days. Coinbase users that are holders of the Coinbase Card can withdraw GBP from an ATM. Furthermore, for withdrawals above £10,000, it is possible to send the funds t a U.K. bank using the SWIFT option.
The blog post released by the company read as follows:
“We take our role as the legal, secure, and easy-to-use on-ramp to the crypto economy for millions of people around the world seriously. Coinbase takes a long-term view in every market we enter. We often forge new paths, break new ground, and find ways where others couldn’t offer crypto to customers in a secure and compliant way.”
At the moment, the firm claims it has never seen such a large number of U.K. and European users trading through Coinbase.
A few weeks ago, reports claimed users could only deposit £1,000 or more into their accounts. According to exchange officials, the Faster Payments service was suspended for a short period of time. Finally, Coinbase decided to make official this issue through this blog post.