Santander Connects With Bank Blockade Against Coinbase In UK

The major Spanish bank Santander is apparently ceasing to enable United Kingdom customers to deposit their fiat funds to the major cryptocurrency exchange Coinbase. As the latest cryptocurrency news show, Santander connects with the bank blockade and joins forces agains the exchange.

Everything came from an unverified source which posted to Reddit on August 14 and claimed to have been informed of the development over the phone by a Santander representative. As the source says, having been informed over the phone, the bank put in a complaint with the complaints unit, which then confirmed that the client should move to an alternative bank if the user doesn’t wish to make the payment.

Now that Santander connects with such blockade, it is obvious that we have a conflict here – and the complaints unit revealed that the restriction was likely due to the bank’s attempts to tackle the obvious increase in Coinbase related fraud.

As many best cryptocurrency news sites reported, there are more than 100 comments on the original post, with at least three of them coming by fellow Redditors noting that they haven’t experienced restrictions using Santander with their Coinbase accounts. As the news show, at least one of these respondents self-identified as a United States resident. The others did not reveal their jurisdictions.

Santander connects with this bank blockade as commentators noted, mainly to block withdrawals from BitStamp in Portugal and Spain. In a follow-up comment, the original poster said that the measures could be temporary until Coinbase decides to improve their fraud prevention.

The altcoin news also feature Santander and the fact that they indicated that the blockade “was isolated to Coinbase and not cryptocurrency in general.”

As we can see, the apparent actions of Santander in the UK follow the fresh reports of the British banking giant Barclays which cut its own ties with Coinbase. The bank was providing Coinbase users with access to the UK Faster Payments Scheme and smooth GBP exchange as of March last year. Now that Santander connects with this blockade, everything is going to change.

Still, it is worth noting that the news of the severed ties are still unconfirmed – just like the claim that Coinbase will continue its access to UK banking through Clearbank which is a younger and less established institution.