Barclays Cuts Ties with Coinbase
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Aug. 14, 2019
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British bank Barclays is no longer working with the crypto trading platform, CoinDesk reports citing several sources.

To continue operating in the UK, Coinbase has already started to work with ClearBank, however, the change has affected the platform's services, sources say.

Until now, Barclays allowed Coinbase users to use the Faster Payments system. As a result of the end of the relationship with Barclays, Coinbase has lost access to the payment system, making fiat money transfers take several days to process. It is expected that the cooperation with ClearBank will allow Coinbase users to access the Faster Payments system by the end of the third quarter.

Coinbase opened its account with Barclays back in 2018. The exchange has also received a licensed from the UK's Financial Conduct Authority (FCA) to offer electronic payment services and has become the first crypto-related company to use the Faster Payments system.

The first news about Coinbase losing access to the Faster Payments system appeared last month.

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