RE: Barclays just banned transfers to Coinbase Exhange1 Sep 2022 06:17
In June (2021), the Financial Conduct Authority (FCA) warned that it would be banning Binance Markets Ltd from operating in the UK. Since the announcement, many UK banks have made the decision to stop customers from making payments to several crypto trading platforms.
Banks claim that trading platforms such as Binance, Kraken, Kucoin and Coinbase do not perform adequate security checks to prevent criminals from using said platforms to launder money.
Kraken and Binance have refuted the claims made by UK banks, saying that they take the responsibility of protecting users from fraud very seriously.
The number of UK banks banning their customers from buying cryptocurrencies is increasing, with the likes of Barclays, Monzo and TSB being the latest to take a stand.
I have a Coinbase, Binance and Kraken account, so I put this to the test.
I transferred funds from my personal Barclays account to Kraken and had no problems, my account was funded successfully, and I was able to withdraw back to my account without any issues. Halifax, on the other hand, blocked me from moving money to Coinbase and Binance, so did Natwest.
Multiple users are having problems with Barclays Coinbase last few weeks, most of the banks are clamping down as the link states. I think Barclays are doing on a case btc case basis hence the term ‘under review’ whatever way you look it, this isn’t good for the adoption of crypto.
Coinbase banned me earlier this year. Moving money and cashing it, isn’t as easy as it used to be.
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