In the last 24 hours, it has been reported in Cointelegraph that Coinbase has suspended UK customer deposits via Faster Payments and is relying on international bank transfers made through SWIFT, with a minimum deposit of £1,000.
Danny Scott, CEO and Co-Founder of CoinCorner (one of the UK’s oldest Bitcoin Exchanges) said of the announcement: Bitcoin is safe, reliable and trustworthy, but having founded CoinCorner in 2014, if the last 5 years’ have taught us anything, it’s that operating in the Bitcoin industry in the UK doesn’t come without its headaches and problems. If the reports are true, we can appreciate what a difficult decision it must have been for Coinbase to make - to suspend Faster Payments indefinitely - as it reminds us of a similar time that we had to limit credit and debit card deposits. This happened in November 2014 and was simply down to fraud issues. The result was that we had to put preventative measures in place for 6-months before we could open up card deposits again.
We’re certain that Coinbase will be trying to resolve these deposit issues as quickly as possible in the background. Unfortunately in our industry, sometimes the only option is to temporarily pull certain products and features in order to gain control of a situation.
While this is being dealt with, UK customers looking to buy Bitcoin can do so with CoinCorner by using the Faster Payments Service and depositing as little as £5.”