News

This no longer banking for Cryptocurrency exchange, Coinbase, sources

FILE PHOTO: Workers can be seen in the Barclays bank corporate offices in Canary Wharf and the financial district in London, the united Kingdom, and November 17, 2017. REUTERS/Toby Melville

LONDON (Reuters) – Barclays is no longer providing banking services to the cryptocurrency exchange, Coinbase, sources familiar with the matter told Reuters, ending a relationship that began in March of last year, the exchange expanded into Europe.

The rare deal between the San Francisco-based exchange and to the Uk bank has made it easier for Coinbase users to buy cryptocurrencies with pounds, as well as their money.

Barclays declined to comment, while Coinbase does not immediately respond to a request for comment.

The big banks have been reluctant to do business with companies and for the handling of bitcoin and other digital coin as they are concerned, they can be used by criminals for money laundering purposes and that the regulators will soon have to crack down on them.

Three-quarters of the cryptocurrency, companies in great Britain are to be forced to have a bank account in a foreign country, due to the difficulty of getting the banking services of bank, in a study carried out by the industry body CryptoUK reported last month.

The sharing by the chief executive of the united kingdom, of which Coinbase is the largest European market, said in March 2018, with the deal with Barclays had taken the time to sign it, because the bank will need to make sure that Coinbase had the right systems in place for the prevention of money-laundering.

Cryptocurrencies are largely unregulated in Europe, but Coinbase is a license, and to provide a fiat-currency-related services and a total of 23 european countries. A lot of customers to deposit fiat money – currency that a government has declared to be legal tender on Coinbase for buying and selling cryptocurrencies.

While the big banks continue to be reluctant to get too closely involved in the pipes that led to the worldwide computer market, large companies, and venture capital funds are pouring money, and Reuters has reported that in the month of April.

Report By Tom Wilson and Lawrence White; Editing by Stephen Powell

Follow us

Don't be shy, get in touch. We love meeting interesting people and making new friends.

Most popular