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
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…