Barclays no longer banking cryptocurrency exchange Coinbase

cde.news desk 14 August 2019, 13:53 · 1 min read

epa06038388 (FILE) - The headquarters of Barclays bank in Canary Wharf in London, Britain, 28 June 2012, (reissued 20 June 2017). The British Serious Fraud Office (SFO) announced that it has on 20 June 2017 charged Barclays Plc and four individuals with conspiracy to commit fraud and the provision of unlawful financial assistance contrary to the Companies Act 1985. The charges relate to Barclays Plc?s capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd, which took place in June and October 2008, and a US$3 billion loan facility made available to the State of Qatar acting through the Ministry of Economy and Finance in November 2008. EPA/TAL COHEN

Barclays is no longer providing banking services to cryptocurrency exchange Coinbase, sources familiar with the matter told Reuters, ending a relationship that started in March last year as the exchange expanded in Europe.

The rare deal between the San Francisco-based exchange and the British bank made it easier for Coinbase users to buy cryptocurrencies with pounds and withdraw their funds.

The exchange’s chief executive for the UK, which is Coinbase’s biggest European market, said in March 2018 that the deal with Barclays had taken some time to sign because the bank needed to be sure that Coinbase had the right systems in place to prevent money laundering.

Via Reuters

Filed under Banking Crypto Currencies Financial News UK

Topics Barclays coinbase Cryptocurrency UK

Barclays no longer banking cryptocurrency exchange Coinbase

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