UK-based Bank Santander Refused Processing Operations of Cryptocurrency Exchange Coinbase

According to the ui/Cheat69’s words, official representative of the bank in the UK said that the company no longer supports operations connected with input of money to the above-mentioned exchange. Also noticed that the changes probably correspond to a fraud growth on the Coinbase platform.

This Santander’s decision resonated in the cryptocurrency community, since the bank supported blockchain technologies earlier. In 2018 Santander was the first to use Ripple’s xCurrent blockchain product to process cross-border payments. 

We remind that earlier there was a similar case with UK Barclays bank. It means that Coinbase lost access to the Faster Payment System (FPS) becase of the termination of relationship with banks. 

The bank’s decision will influence the speed of transactions processing: now it will take several days to convert pounds into euros and to finish payments.