Coinbase imposes GBP 1,000 deposit for UK users

Friday 19 July 2019 10:02 CET | News

Cointelegraph has reported that cryptocurrency and wallet service Coinbase suddenly introduced a raft of new restrictions for UK customers.

The restrictions include a minimum deposit threshold and extended payment processing time. As such, after suspending access to the Faster Payments network, which had previously allowed more flexible deposits, Coinbase is reportedly introducing a mandatory GBP 1,000 minimum for deposits by SWIFT.

The changes will also see users restricted from sending crypto for five days following their deposit. However, as SWIFT payments generally take around 5 days to clear into the receiving bank account, and with the 5 day delay in processing thereafter, the UK users will now be forced to wait 10 days to transact through the platform.

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Keywords: Coinbase, deposits, UK, Customers, cryptocurrency, wallet, SWIFT, restrictions, regulations, bank account, transactions
Countries: World

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