Coinbase UK Partners with ClearBank After Being Snubbed by Barclays

Libra Coin News
Wed, 08/14/2019 - 06:20
Alex Dovbnya
It might now take a couple of days for Coinbase UK customers to deposit or withdraw GBP
Cover image via www.123rf.com
Contents

San Francisco-based crypto juggernaut Coinbase has reportedly ended its partnership with Barclays, the bigwig of the banking industry. The exchange is already working with ClearBank to serve its British customers who will be facing some inconveniences until things get settled.

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Cutting ties with crypto

Barclays took Coinbase under its wing back in 2018, which caused a lot of excitement within the crypto space. This injected a dose of legitimacy in the industry with Coinbase obtaining a much-coveted e-money license by the FCA.

On top of that, the exchange was granted support for Faster Payments Scheme (FPS), which allowed Coinbase UK customers to deposit and withdraw British pounds practically in no time. Now, it might take days to process these transactions, but ClearBank is already working on restoring access to FPS.

As for the reason why the relations for the snub, one industry insider claims that Barclays might not be comfortable with crypto anymore.

It is my understanding that Barclays’ risk appetite has contracted a little – I’m not sure exactly why or what’s been driving that, maybe there has been some activity they are not happy with.

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New bank, new rules

While Barclays undoubtedly had a huge impact on the exchange’s listing policies, its new banking partner won’t give it too much leeway either.

Coinbase delisting Zcash was the harbinger of its banking woes. It turns out that the privacy-oriented coin that would make the lives of law enforcement officers more difficult didn’t sit well with ClearBank.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.


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