Altcoin News: Barclays Has Suspended Cooperation with the Coinbase
August 14, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The British bank Barclays has ceased to serve the Coinbase cryptocurrency exchange, CoinDesk writes with reference to sources familiar with the situation.
To continue trading in the UK, Coinbase has already begun to work with ClearBank, founded in 2014, but this change has affected the usability of the exchange’s services for customers, sources said.
Barclays allowed Coinbase customers to work with the British payment system Faster Payments for instant input/output of fiat assets. After breaking off relations with Barclays, Coinbase lost access to the payment system, and fiat transfers on the exchange now take several days. Cooperation with ClearBank is expected to allow Coinbase users to regain access to Faster Payments by the end of the third quarter.
Coinbase opened an account with Barclays in early 2018. The exchange also received a license from the Office of Financial Regulation and Supervision of the United Kingdom for the provision of electronic money services and became the first crypto company to start using Faster Payments. Subsequently, industry participants noted that Barclays noticeably cooled to cryptocurrencies.
An alternative version is the end of the pilot program, under which Barclays could provide Coinbase with its services.
Earlier it became known that Coinbase will carry out delisting anonymous altcoin Zcash on its UK site. A source familiar with the situation said that the decision was “completely to do with the new bank”. According to them, ClearBank did not want to support a cryptocurrency that impeded the work of law enforcement agencies.
Information about the temporary suspension of support for the Faster Payments system for making fiat transfers on Coinbase appeared in mid-July.
Author: Marko Vidrih
