Barclays cancels banking deal with Coinbase - Report

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U.K.-based financial services giant Barclays has reportedly stopped providing banking services to cryptocurrency exchange Coinbase.

CoinDesk reported the news on Wednesday, citing industry sources. The report added that Coinbase has now found a new banking partner in ClearBank, citing “people familiar with the situation.”

The change in banking partner has apparently affected Coinbase’s users as they no longer have access to the U.K. Faster Payments Scheme (FPS), which allowed them to instantly deposit and withdraw British pounds at the exchange. The situation, however, is temporary as ClearBank is expected to bring back Coinbase's FPS access by the end of the third quarter, per the report.

Earlier this week, Coinbase removed the support for privacy cryptocurrency Zcash (ZEC) for its U.K. customers, and according to the report, it was “completely to do with the new bank.”

ClearBank also provides services to cryptocurrency exchange London Block Exchange and token trading platform Archax, among others.

AUTHOR

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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