Change to our GBP Withdrawal process

We have been informed by our primary bank that their GBP SWIFT provider has asked them to pause processing GBP SWIFT withdrawals related to cryptocurrency.

We will be transitioning to an alternative solution for GBP SWIFT (or Faster Payments) withdrawals as soon as possible.

In the interim, if you wish to withdraw funds in GBP, please continue to place a withdrawal request in GBP and we will facilitate this via a EUR SEPA transfer. Withdrawals will be processed immediately. We will process these withdrawals by sending instructions to our bank to convert your funds to EUR, then wire them via SEPA to your GBP denominated account. We will absorb any FX fees by our bank and we will also suspend our usual withdrawal fees during this time. Please be advised that your bank may charge a conversion fee for the GBP deposits you receive via SEPA. You should check with your account provider whether such fees would be applied. Alternatively, you can use your GBP balance to buy bitcoins.

If you prefer your GBP withdrawal to be converted and sent to a different currency account that you might hold (i.e. EUR, USD, PLN) please contact us at gbpwithdrawals@coinfloor.co.uk as soon as possible.

It is important to note that our primary banking relationship continues to be very strong. The processing of USD, EUR, and PLN withdrawals and deposits are completely unaffected, as are GBP deposits.

Pause to the increase in Deposit and Withdrawal minimums

We have decided to pause the recently announced change to deposit and withdrawal minimums and will give a significantly longer notice and grace period when we reintroduce it. Although this is in line with our continued focus on institutional and sophisticated investors and traders, we will delay implementation until we have an alternative in place for the GBP withdrawals so that customers who are affected by the minimums increase can choose to wait until after we have GBP SWIFT withdrawals reinstated.

Finally and most importantly, the original announcement of the change in deposit and withdrawal minimums was not well timed and I would like to personally apologise for this. In future, we will communicate non urgent policy changes during business days and provide more notice.

We sincerely thank you for your support and will keep you updated over the coming weeks as we receive updates on the banking situation.

Obi Nwosu

CEO, Coinfloor

