Santander Denies Experiences of Blocking Coinbase Deposits within the UK

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Replace [10.42 a.m. UTC]: This text has been up to date to incorporate feedback from Santander denying the allegations that U.Ok. customers are intentionally being blocked from making deposits into their Coinbase accounts. 

Santander: “We don’t block funds to any professional firm” 

Some on-line customers have accused main Spanish financial institution Santander of blocking United Kingdom prospects from depositing their fiat funds to main cryptocurrency alternate Coinbase. 

An unverified supply posting to Reddit on Aug. 14 claims to have been knowledgeable of the event over the cellphone by a  Santander consultant. 

Nonetheless, a Santander U.Ok. spokesperson advised Cointelegraph that the financial institution has not blocked funds to Coinbase. He defined:

“We don’t block funds to any professional firm, nevertheless in sure circumstances we’ll refer funds for extra safety checks, the place we imagine there could also be the next threat of fraud.”

“Remoted to Coinbase,” not crypto normally

The supply alleges that having been knowledgeable over the cellphone, they put in a criticism with the financial institution’s complaints unit, which then reportedly confirmed that the shopper ought to transfer to an alternate financial institution in the event that they want to make the fee. 

The complaints unit reportedly revealed that the restriction was possible because of the financial institution’s makes an attempt to sort out an obvious improve in Coinbase-related fraud.

The publish has sparked over 100 feedback to press time, with no less than three fellow Redditors noting they haven’t skilled restrictions utilizing Santander with their Coinbase accounts. At the very least one among these respondents self-identified as a United States resident, whereas the others didn’t reveal their jurisdictions.

An extra commentator famous that Santander has allegedly blocked withdrawals from BitStamp in Portugal and Spain. 

In a follow-up remark, the unique poster famous that the measures might be momentary till Coinbase improves their fraud prevention, noting that Santander had indicated that “this was remoted to Coinbase and never cryptocurrency normally.”

Barclays allegedly severs ties with Coinbase

The obvious actions of Santander within the U.Ok. comply with fresh reports that British banking large Barclays has cut its personal ties with Coinbase; the financial institution had notably been offering Coinbase customers with entry to the U.Ok.’s Sooner Funds Scheme and clean GBP alternate as of March of final yr.

Information of the severed ties stays formally unconfirmed, as does the declare that Coinbase will proceed its entry to U.Ok. banking via Clearbank, a youthful and fewer established establishment.





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