Barclays Bank and Coinbase
This is a post for others who, like me have an interest in BTC, have a Coinbase Account and Use Barclays Bank ( I don't anymore)
It doesn't appear to be common knowledge as far as I can tell, by common knowledge, I mean public domain knowledge at any rate, but Barclays, who did have a partnership with Coinbase, have now terminated that arrangement
It is not known why, but the news will come as a major shock, I would imagine to anyone who has their coinbase account linked to their Barclays Bank
The arrangement, which has been in place for a while, well since March Last year, which came as a surprise to me, because I did until recently have a long standing account with Barclays, which has now been terminated, at my request
The deal, which was rare in itself, between the San Francisco-based exchange and the British bank made it easier for Coinbase users to buy cryptocurrencies with pounds and withdraw their funds.
Barclays have declined to comment, while Coinbase have not respond to repeated requests for comment.
Large global banks have been reluctant to do business with companies that handle bitcoin and other digital coins because of concerns they are used by criminals to launder money and that regulators will soon crack down on them.
The other reason of course for this, is because, banks, can't make any money from those who use BTC or Crypto Currency, because it is a peer to Peer transaction
Personally, like many others I am in favour of having more control over my money and now bank elsewhere
But if you have Coinbase, linked to your bank, then it might be adviseable to look at an alternative arrangement
Recent Comments
17
Thanks for the information.
Even though Bitcoin is not my thing yet, I think we have to be ready for change. Virtual money is starting to take more and more space in our real world.
Ingrid
This news came across my Twitter feed as well. For full story coverage you may wish to read: https://thenextweb.com/hardfork/2019/08/14/barclays-bank-coinbase-split-up-clearbank/
Hi Dave thanks for sharing, we are living in such interesting times.
The banks are pretty conservative, when it comes to things like this, profit is their prime motivation.
Crypto is one of those commercial, areas whose time is yet to come.
With all things that are trying to create legitimacy, we need to be aware as investors and users.
Hi Dave. I don't have very much interest in Bitcin or similar products - I am not knocking those who do but it's not for me at the moment.
Just wondering, have you changed to a bank which does have links to Coinbase or are you having to go through roundabout ways of moving your money?
Best regards
Terry
Outside of the Coinbase Connection, I havve changed banks anyway, but it had nothing to do with BTC or anything similar, just got hacked off with their inability to deal with a very simple issue on my account, which had led to it being comprised, effectively
So after 3 strikes, which is my own rule. which includes a health warning on #2 strike!... Binned!!
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I have had an account with Coinbase for about 9 months, and I bank with Chase. I haven't had any problems with them, but this sounds like something to ask them about. Thanks for the heads up.
Brian
Your welcome and thanks for commenting