Barclays is finished with Coinbase, Clearbank steps in

Barclays, the London based bank, has severed ties with cryptocurrency exchange Coinbase as reported by CoinDesk.   

The banking relationship previously allowed Coinbase users in the United Kingdom to have access to the UK Faster Payments Scheme (FPS). This enabled users to deposit and withdraw British pounds through the exchange instantly.   

However, since the banking relationship recently ended, Coinbase needed to temporarily remove the FPS support for their British Pounds deposits and withdrawals. Without the FPS support, withdrawals and deposits may take days to process.   

Meanwhile, Coinbase reduced trading fees for the impacted British users.   

Coinbase has established a new banking relationship with Clearbank, a less established bank compared to Barclays. As Clearbank was uncomfortable supporting a currency with features that will give rise to legal implications, Coinbase de-listed Zcash earlier this week.   

Leave a Reply

Your email address will not be published. Required fields are marked *