Santander UK No Longer Supports Coinbase Payments

Santander UK No Longer Supports Coinbase Payments

On Wednesday Santander UK unexpectedly dropped support for Coinbase payments. Is the bank pivoting on its crypto supportive stance?


Santander Cuts Ties with Coinbase

On August 14 a Reddit user announced that Santander UK was halting all payments to Coinbase cryptocurrency exchange. ui/Cheat69 said:

Just got off the phone with a Santander rep in the U.K. who informed me they will no longer be allowing their customers to deposit money to Coinbase.

After I put in a compliant their complaints department confirmed to me that I should move to an alternative bank if I wish to make the payment.

They went on to say this is likely because of an increase in fraud related to Coinbase.


Policy Pivot or a Random One-Off?

Santander UK has yet to release an official press release describing the policy change and the move surprised many in the cryptocurrency community as Santander has been relatively supportive of blockchain-based technologies.

In 2018, the massive bank became the first to utilize Ripples xCurrent blockchain-based product to process cross-border payments.

Interestingly, Santanders decision also follows a similar announcement from Britains Barclays bank on August 14. Apparently, Coinbase was stripped of access to the U.K. Faster Payments Scheme (FPS).

This means that UK-based clients are unable to quickly deposit or withdraw fiat from the exchange.


Coinbase is Not Bothered By the Change

Until the FPS is restored or Coinbase finds another partner bank with the license, UK-based crypto investors will have little choice except to go through the multiple-day process of converting pounds into euros then completing the transaction through an Estonian bank.

An unnamed insider familiar with the matter said Coinbase expects to reattain its FPS access by the end of the third financial quarter.

Do you think Santanders decision is permanent? Share your thoughts in the comments below!

Images from Shutterstock

The post Santander UK No Longer Supports Coinbase Payments appeared first on Bitcoinist.com.

15.08.2019 / 00:40 52
Santander Using Ripples xCurrent in the New UK to Poland Corridor Santander Using Ripples xCurrent in
Banco Santander the Spanish banking giants One Pay FX went live in April 2018. Powered by Ripples xCurrent, the mobile app allows the banks
American Express and Santander To Use RippleNet to Ease US-UK Cross Border Transactions American Express and Santander To Use
With the Bitcoin Cash (BCH) hash wars stealing the show in the crypto-verse for the last one week, we might have missed out on an important
$80 Billion Banco Santander Uses Ripple For Payments, Will Many Banks Follow? $80 Billion Banco Santander Uses Ripple
On October 2, Ripple Labs announced the integration of RippleNet into OnePay FX, a mobile application for cross-border payments developed by $80
Santander Conducts Proxy Voting Blockchain Pilot at AGM Santander Conducts Proxy Voting
Banco Santander has completed a blockchain pilot that it says improves the process of proxy voting during annual general meetings (AGMs). For the
Santander Uses Ripple, Launches First Banking Blockchain Retail Payments App Santander Uses Ripple, Launches First
Spanish banking giant Banco Santander has announced the launch of its international payments app for retail customers in four countries using
Santander Confirms Ripple-based Cross-border Payments are Coming Soon Santander Confirms Ripple-based
Ripple has made a lot of headlines over the past 18 months. The company is intent on disrupting the financial sector with digital ledgers and its XRP
Comments (0)
Add a comment
Comment on