Exchanges

Santander denies blocking payments to Coinbase, but says some exchange payments are subject to checks

August 15, 2019, 5:40AM EDT

Giant Spanish bank Santander has told The Block it is not blocking users' payments to Coinbase, in response to allegations made by its UK clients on Reddit.

One user said a Santander rep had told them the bank was blocking customers from depositing money to the popular crypto exchange, and had advised the user to move banks if they wished to continue using Coinbase.

However, responding to The Block's questions over whether they had blocked the exchange, a Santander spokeswoman said it was "not the case" and added:

"We do not block payments to legitimate companies, however in certain circumstances we will refer payments for additional security checks, where we believe there may be a higher risk of fraud."

That may suggest that Santander users face delays when depositing or withdrawing funds in fiat on Coinbase, particularly for large sums. Alternatively, it could mean that individual clients under investigation face heightened scrutiny over their transactions.

Meanwhile, Coinbase was reportedly cut off from banking with Barclays this week, nominating ClearBank to replace them.

Related Reading