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.”

    U.K. Bank Santander blocks all payments to Coinbase from Bitcoin

    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.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Block.One's ‘Voice' Social Network Has An Open Door Policy To Other Blockchains, Not Just EOS

    During its June ICO, had indicated that its Facebook rivaling social network dubbed Voice, would be launched on the EOS network. However, plans...

    SEC Files Lawsuits Against Conspirators In Blockchain Terminal's $30 Million Fraudulent ICO

    CG Blockchain Inc., BCT In. (SEZC), has been charged with fraud by the US Securities and Exchange Commission (SEC), for funds raised on an...

    Decentralized Finance (DeFi) Grew To $668 Million In 2019, How Will Taxes Be Calculated?

    2019’s decentralized finance (DeFi) boom that has led to more than $785 million being locked in crypto assets is giving accountants serious headaches. Antoine Scalie,...

    TRON Dev Team, TRONZ, Forks ZCash's Privacy Tech, Zk-SNARKs To Add to MainNet

    TRONZ team is set to implement privacy protocol which is poised to be the biggest Multi-party Computation in blockchain’s history. Tron states that a...

    Chrysler Building's Blockchain Real Estate Owners To Sell Building In Zurich, $135M Cash & ERC20

    The current owner of the Chrysler building is offloading a property valued at around $135 million to a blockchain-based real estate firm. It’s expected...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.