Coinbase Loses Barclays Banking Services

August 14, 2019 | Digital Assets, News

Barclays reportedly ends its relationship after less than 20 months.

Coinbase, one of the world’s largest cryptocurrency exchanges, is looking for a new provider of banking services.

Coindesk reported Wednesday that Barclays cut ties with the firm. Their relationship lasted less than 20 months, according to sources cited on the matter.

Though neither party responded to questions, reports assume  Barclays ended the deal. The two firms engaged in a partnership that allowed users to purchase cryptocurrency in pounds.

Reuters called the two firms’ agreement – which began in March 2018 – “rare.” That month, Coinbase’s chief executive in the U.K. said the deal faced delays. According to Reuters, Barclays’ had concerns about Coinbase’s protection systems against money laundering.

Coinbase and Other Exchanges Face Increased Scrutiny in U.K.

Barclays‘ isn’t alone when it comes to concerns about cryptocurrency exchanges and their security.

Roughly 75% of cryptocurrency firms in the United Kingdom obtain banking services outside of the country. That figure is according to a May and June survey by CryptoUK of more than 40 U.K.-based crypto businesses.

That same report shows that 55% of crypto firms active in the U.K.. have applied for accounts and faced rejection. These institutions reported opening accounts in 15 different jurisdictions, including Switzerland, the United States, and competing EU member states.

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
FinTech: Lloyds To Acquire Stake In Loyalty App Bink
January 4, 2022     FinTech, News

Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that…
Digital Assets: Coinbase CEO Armstrong Said To Have Splurged $133M On Home In LA
January 4, 2022     Digital Assets, News, Real Estate

An iconic property in Bel Air, Los Angeles, designed by internationally acclaimed English architect John Pawson changed hands last month for $133 million and the buyer was Coinbase (NASDAQ: COIN)…
Alternative Investments/ESG: VegTech Invest Launches Plant-Based Innovation & Climate ETF

VegTech Invest advisory has launched the VegTech Plant-based Innovation & Climate ETF (Ticker: EATV), its first financial product. The ETF offers exposure to publicly traded companies actively innovating with plants…超·世界.png
Venture Capital: Chinese AI Startup Parametrix Raises $100M, Turns Unicorn
January 4, 2022     Artificial Intelligence, News, Venture Capital

Chinese AI company has raised $100 million in a Series B round led by Sequoia China and joined by existing investors 5Y Capital and Gaorong Capital. Though the valuation…