Santander Bank Denies Allegation Claiming Its Stopping UK Users From Depositing Into Coinbase

Cryptoinformers || AUGUST 15, 2019

Santander Bank has denied the claims that it is blocking UK customers from depositing fiat currency into Coinbase accounts

As Cointelegraph reported on Aug. 15, some online users have alleged that major Spanish bank Santander is blocking UK customers from depositing fiat currency into their Coinbase accounts.

The claim was first noticed when a Redditor make a post on Aug. 14 claiming to have been informed of the development over the phone by a  Santander representative.

However, the allegations which has drew attention of over one hundred commenatators as at press time, many fellow Redditors have stated that they have not experienced any issues using Santander.

It is however reported that a Santander U.K. spokesperson  told Cointelegraph that the bank has not blocked payments to Coinbase. Explaining that:

“We do not block payments to any legitimate company, however in certain circumstances we will refer payments for additional security checks, where we believe there may be a higher risk of fraud.”

The source alleges that having been informed over the phone, they put in a complaint with the bank’s complaints unit, which then reportedly confirmed that the client should move to an alternative bank if they wish to make the payment.

The complaints unit reportedly revealed that the restriction was likely due to the bank’s attempts to tackle an apparent increase in Coinbase-related fraud.

A further commentator noted that Santander has allegedly blocked withdrawals from BitStamp in Portugal and Spain.

In a follow-up comment, the original poster noted that the measures could be temporary until Coinbase improves their fraud prevention, noting that Santander had indicated that “this was isolated to Coinbase and not cryptocurrency in general.”