Santander Joins Bank Blockade Against Coinbase in the UK: Report

Must Read

NiceCash Lets Anyone Get Maximum Out of DeFi

in One Click NiceCash launches its nVaults -...

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at...

Bitcoin Eyeing $11800 After Intense Drop

As we saw earlier today, Bitcoin started by declining from $11349 to $11176, roughly 1.76%.
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

Major Spanish bank Santander is reportedly ceasing to enable United Kingdom customers to deposit their fiat funds to major cryptocurrency exchange Coinbase. 

An unverified source posting to Reddit on Aug. 14 claims to have been informed of the development over the phone by a  Santander representative.

“Isolated to Coinbase,” not crypto in general

The source alleges that having been informed over the phone, they put in a complaint with the bank’s complaints unit, which then reportedly confirmed that the client should move to an alternative bank if I wish to make the payment. 

The complaints unit reportedly revealed that the restriction was likely due to the bank’s attempts to tackle an apparent increase in Coinbase-related fraud.

The post has sparked over 100 comments to press time, with at least three fellow Redditors noting they have not experienced restrictions using Santander with their Coinbase accounts. At least one of these respondents self-identified as a United States resident, while the others did not reveal their jurisdictions.

A further commentator noted that Santander has allegedly blocked withdrawals from BitStamp in Portugal and Spain. 

In a follow-up comment, the original poster noted that the measures could be temporary until Coinbase improves their fraud prevention, noting that Santander had indicated that “this was isolated to Coinbase and not cryptocurrency in general.”

Barclays allegedly severs ties with Coinbase

The apparent actions of Santander in the U.K. follow fresh reports that British banking giant Barclays has cut its own ties with Coinbase; the bank had notably been providing Coinbase users with access to the U.K.’s Faster Payments Scheme and smooth GBP exchange as of March of last year.

News of the severed ties remains officially unconfirmed, as does the claim that Coinbase will continue its access to U.K. banking through Clearbank, a younger and less established institution

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at the Dubai World Trade Centre,...

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker room is the first to...

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and...

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...