To update [10.42 a.m. UTC]: This article has been updated to contain comments from Santander denying allegations that British users are being deliberately prevented from making deposits on their Coinbase accounts.
Santander: "We do not block payments to a legitimate business"
Some online users have accused the Spanish bank Santander of preventing UK customers from paying their fiat money to the large Cypnix Coinbase.
An unconfirmed source report to Reddit on Aug. 14 claims to have been notified by phone of a Santander representative about the development.
However, a British spokesman for Santander told Cointelegraph that the bank had not blocked payments to Coinbase. He explained:
"We are not blocking payments to a legitimate business, but in some circumstances we will transfer payments for additional security checks if we believe there is a higher risk of fraud."
"Isolated to Coinbase", generally no crypto
The source claims to have been informed by telephone and filed a complaint with the Bank's complaints unit, which was then reported to have confirmed that the customer should switch to an alternative bank if they wish to make the payment.
The complaint office reportedly reported that the restriction was likely due to the Bank's attempts to combat a manifest increase in Coinbase fraud.
The Post raised more than 100 press time comments, with at least three fellow editors finding that there were no restrictions when using Santander with their Coinbase accounts. At least one respondent identified himself as a resident of the United States, while the others did not disclose their jurisdiction.
Another commentator noted that Santander allegedly blocked BitStamp payouts in Portugal and Spain.
In a follow-up commentary, the original poster stated that the measures could be temporary until Coinbase improves its fraud prevention, and that Santander had pointed out that "this is limited to Coinbase and not to cryptocurrency in general".
Barclays reportedly severed relations with Coinbase
The apparent actions of Santander in the UK follow new reports that British bank giant Barclays has cut its own ties with Coinbase. In particular, since March last year, the Bank has granted Coinbase users access to the UK system for faster payments and smooth GBP exchanges.
The news about the separation of relations remains officially unconfirmed, as does the claim that Coinbase will continue to have access to British banking through Clearbank, a younger and less established institution.