Barclays bank end relationship with cryptocurrency exchange Coinbase

Barnyard FFIO
Aug 15, 2019 · 1 min read

British multinational investment bank Barclays, has cut ties with top cryptocurrency exchange Coinbase, and will no longer be providing its banking services to the exchange.

Coinbase, one of the largest cryptocurrency exchanges in the world, has long been the go-to fiat to cryptocurrency exchange for millions of users globally. The San Francisco based company had secured a deal between the UK based bank in March of last year, allowing users to purchase cryptocurrency with fiat currency easily and securely.

Many banks such as Wells Fargo, have strict policies when dealing with cryptocurrency and blockchain companies, sometimes banning certain transactions that involve Bitcoin and other altcoins completely. A recent study by CryptoUK reported that more than 75% of British blockchain companies have been forced to conduct their banking overseas.

Despite the lack of regulation surrounding cryptocurrency in the UK, many banking organisations have voiced their concerns on future regulation that could complicate the blockchain and cryptocurrency space. America, Australia and other countries have implemented tight regulation surrounding cryptocurrency, in attempt to thwart money laundering and tax evasion problems that surround Bitcoin and other altcoins.

Many countries around the world require cryptocurrency wallet services and exchanges to store identity verification data of its users, known as KYC. If you wish to hold cryptocurrency anonymously in 2019, you are forced to mine the coins yourself, or claim them from a faucet service such as Freefaucet.io

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