Is UK Santander Bank Really the Next in Line to Block its Services to Coinbase Users?
- No longer allowing customers to deposit money to Coinbase: Customer
- “We do not block payments to any legitimate company,” Bank
Recently, there have been reports of British banking giant Barclays cutting its ties with cryptocurrency exchange Coinbase.
The bank has been providing access to UK’s faster payments scheme to Coinbase users along with easy GBP exchange since March last year. However, this report remains officially unconfirmed along with the claim that Coinbase will continue to provide its services to the UK market through Clearbank.
No longer allowing customers to deposit money to Coinbase: Customer
Now, however, on the back of Barclays severing ties with Coinbase has come the news of UK Santander being the new one to put a stop to providing services to the customers of the US-based crypto exchange.
A Redditor wrote on the platform that a Santander representative in the UK informed of “no longer” allowing their customers to deposit money to Coinbase.”
The source put in a complaint with the bank’s complaints department that affirmed that the client should move to an alternative bank if they wish to make the payment.
The complaints unit further reported an increase in fraud related to Coinbase and “not cryptocurrency in general”, the reason for the same.
“We do not block payments to any legitimate company,” Bank
The Reddit post got 165 upvotes and got the community talking as it received 113 comments. A commentator also noted that Santander has allegedly blocked withdrawals from Bitstamp in Spain and Portugal. However, Santander UK spokesperson told Cointelegraph that bank has not blocked the payments to Coinbase.
“We do not block payments to any legitimate company, however in certain circumstances we will refer payments for additional security checks, where we believe there may be a higher risk of fraud,” the spokesperson said.