Santander Suspends Coinbase Crypto Exchange Services Following Barclays

The large Spanish bank Santander, presumably, stops serving fiat deposits of British clients of the cryptocurrency exchange Coinbase. This was reported by an unconfirmed source on Reddit, who said that he received the relevant information from a representative of the bank by phone.

According to the user, he contacted the Santander client claims department, whose staff confirmed that he should contact another bank if he wants to transfer funds to Coinbase.

The bank also allegedly reported that the restriction on deposits may be linked to the spread of fraudulent schemes that mention the name of the U.S. crypto-exchange.

One of the commentators said that Santander is blocking transactions to transfer funds from the BitStamp exchange in Portugal and Spain.

The discussant also noted that the restrictive measures are likely to be temporary, while Santander confirmed that they apply only to Coinbase and not to cryptocurrencies in general.

As it became known on Wednesday, the maintenance of Coinbase accounts in the British bank Barclays was suspended for unclear reasons.

UPD: In a conversation with The Block, a Santander spokesman said that the source's information is not complete: "We do not block payments to fully fledged companies, but under certain circumstances we may send the transaction for additional security checks if we identify a heightened risk of fraud.