Leading French Bank, BNP Paribas, is Blocking Transfers to Coinbase Crypto Exchange
International French banking giant, BNP Paribas, is allegedly blocking funds transferred to Coinbase crypto exchange. According to one of the bank’s clients, this action began just recently given they could use BNP Paribas as an intermediary at the beginning of March.
Speaking to news site Cointelegraph, the client preferred to stay anonymous but shed light on this development in detail. Most notably, was a response they got from the BNP Paribas customer service in regards to Coinbase’s transfer issue. The bank, through one of its representatives, said that it was considered an illegal operation. It further cited privacy coin, Monero, crypto scams, and malware as the reasons for cutting financial interactions with Coinbase.
Reports, however, indicate that Coinbase is the only crypto exchange suffering the BNP Paribas wrath. The anonymous client also highlighted that they did not receive any prior warnings from the bank relating to the matter.
The move by BNP is not an unprecedented one within the volatile crypto market. Popular banks like JP Morgan and Citi have in the past implemented limits to crypto operations; the most significant one yet is the credit card ban for digital asset purchases back in 2018.
Bulgarian banks also took similar measures during the 2017 bull run which saw Bitcoin hit the highs of $20,000. They basically terminated some accounts that were run by crypto exchanges.