Coinbase Reinstates UK Bank Deposits and Withdrawals

Coinbase UK is once more allowing GBP deposits and withdrawals after it partnered with ClearBank in August.

Oct 4, 2019 at 11:02 a.m. UTC
Updated Sep 13, 2021 at 11:31 a.m. UTC

Coinbase has reinstated U.K. bank deposits and withdrawals following a months-long banking holdup.

As announced by the company's U.K. arm in a blog post Thursday, British pound (GBP) deposits and transfers are available once again for local Coinbase customers. GBP denominated transactions were paused following the exchange’s July breakup with Barclays.

However, a new partnership with ClearBank, first reported by CoinDesk in August, cleared the way once more for GBP support. The bank is a member of the UK’s near-instantaneous settlement network, the Faster Payment Scheme, which Coinbase required for pound-denominated transactions.

While still banking with ClearBank, Coinbase had to meet several requirements – such as the delisting of privacy coin zcash – before it could utilize the payment network.

To compensate for the lost GBP support, Coinbase reduced trading fees for U.K. customers from Aug. 1–15.

In the blog post, Coinbase also announced the listing of five new cryptocurrencies and tokens for U.K.users, including the XRP, basic attention token (BAT), stellar lumens (XLM), 0x (ZRX) and augur (REP).

The exchange has also just said it will raise fees on its Pro platform for lower volume tiers trading less than $50,000. Higher volume accounts are unchanged or will see a slight drop in fees, however.

Coinbase image via Shutterstock

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