UK Coinbase Users’ Deposits Must Be Over £1,000 And Take Several Days To Be Processed
- U.K. Coinbase users would only be able to deposit more than £1,000
- This is due to a problem the exchange had with the Faster Payments settlement system
The recognized cryptocurrency exchange Coinbase has reportedly increased its minimum deposit for U.K. users. According to Cointelegraph, customers can now deposit a minimum of £1,000 as employees of the exchange confirmed in an email.
Minimum Deposits Change For U.K. Coinbsae Users
According to these employees, the crypto exchange suspended their Faster Payments settlement system they had implemented in the past. Now, users have to follow a standard international transfer option that would involve sending the funds through SWIFT and wait a long period of time before being able to access these funds.
In addition to it, individuals will have to pay a minimum of £1,000 if they want to deposit funds into the exchange. However, the Coinbase staff didn’t inform what happened that they decided to suspend the fast payment system. They also mentioned that the services are going to be resumed in the next months.
About this situation, the staff commented.
“For your account’s security and to prevent any potentially fraudulent activity, you will be unable to withdraw these funds or send the value of this deposit from Coinbase for 5 calendar days after deposit.”
In general, SWIFT deposits take around five business days to be settled for the user to be able to have access to them. That means that the investor would be able to use them, in many cases, after ten days of making the deposit.
It is clear that once Brexit is triggered, the SEPA service would not be available for U.K. individuals anymore. This SEPA service is very efficient and fast to send transactions and payments all over the European Union and the European Free Trade Association (EFTA).
As mentioned before, Coinbase is one of the largest and most popular exchanges around the world for dealing with virtual currencies.