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Major Spanish bank Santander has denied reports of blocking United Kingdom customers from funding their Coinbase accounts.
Update [10.42 a.m. UTC]: This article has been updated to include comments from Santander denying the allegations that U.K. users are deliberately being blocked from making deposits into their Coinbase accounts.
Santander: “We do not block payments to any legitimate company”
Some online users have accused major Spanish bank Santander of blocking United Kingdom customers from depositing their fiat funds to major cryptocurrency exchange Coinbase.
An unverified source posting to Reddit on Aug. 14 claims to have been informed of the development over the phone by a Santander representative.
However, a Santander U.K. spokesperson told Cointelegraph that the bank has not blocked payments to Coinbase. He explained:
“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.”
“Isolated to Coinbase,” not crypto in general
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.
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