Report: Barclays Is No Longer Working With Coinbase

Report: Barclays Is No Longer Working With Coinbase

According to a new report, Barclays is no longer providing their banking services to Coinbase.

In a shocking announcement, it was reported yesterday that banking giant Barclays is no longer working with cryptocurrency exchange Coinbase. Coinbase has apparently found a new banking partner in ClearBank to make up for it, reports read.

Coinbase UK users are especially affected since they now no longer have access to the U.K. Faster Payments Scheme (FPS). That means users can no longer deposit and withdraw British pounds instantaneously on the exchange. ClearBank is expected to restore Coinbase’s FPS access by the end of Q3, though, so this is only temporary.

Coinbase UK has been facing other problems as of late as well. An unverified source on Reddit said that mega-bank Santander was blocking deposits to Coinbase UK. The bank, however, has denied the claim. Earlier this month, the exchange also removed ZCash from its exchange over supposed regulatory pressures.

Coinbase has been slowly moving into the security token industry as of late. In June, it supported its first security token BCAP from Blockchain Capital. It also has a major stake in Securitize, a platform for security token issuers.

Do you believe Coinbase has been feeling the squeeze from British regulatory authorities? Let us know your thoughts in the comments below.

Image courtesy of Coinbase.

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