Barclays no longer partners with Coinbase

[mlawson71]

Barclays no longer will provide banking services to Coinbase and that is affecting UK clients of the crypto exchange as it has lost access to the UK’s Faster Payments Scheme (FPS), which allows instant deposits and transfers in British pounds.

As a result deposits and withdraws in fiat currencies made by UK clients of Coinbase now take days instead of minutes.

The reasons for the divorce between Barclays and Coinbase are not yet known, but an anonymous source says the decision might be connected with a process of risk reassessment initiated by the bank.

“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. But it’s about Barclays’ comfort level with crypto as a whole,” the source is quoted to have said.

Souce