Altcoin News: Does UK Bank Santander Follows Barclays with Suspending Service of Coinbase?

August 15, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The large Spanish bank Santander, allegedly, ceases to service the fiat deposits of British customers of the Coinbase cryptocurrency exchange. This was reported by an unconfirmed source on Reddit, who stated that he received relevant information from a bank representative by phone.

According to the Reddit user, he contacted the Santander customer complaints department, whose staff confirmed that he should contact another bank if he wants to transfer funds to Coinbase.

The bank also allegedly reported that deposit restrictions could be related to the spread of fraudulent schemes that mention the name of the American crypto exchange.

One commenter said that Santander is blocking the operations of crediting funds from the BitStamp exchange in Portugal and Spain.

The initiator of the discussion also noted that restrictive measures are likely to be temporary, while Santander confirmed that they apply only to Coinbase, but not to cryptocurrencies in general.

As it became known on Wednesday, the service of Coinbase accounts in the British bank Barclays was suspended for unknown reasons.

UPDATE: [15:13 CEST]

According to The Block, which contacted Santander Bank representatives, the financial institution did not block communications with the Coinbase exchange, but some payments fell under the terms of an additional financial audit.

“We do not block payments to legitimate companies, however in certain circumstances we will refer payments for additional security checks, where we believe there may be a higher risk of fraud,” the representative of Santander said to The Block.

Author: Marko Vidrih