Santander UK No Longer Supports Coinbase Payments

Coinbase Santander

On Wednesday unexpectedly support for payments. Is the pivoting on its supportive stance?


Santander Cuts Ties with Coinbase

On August 14 a Reddit user announced that Santander UK was halting all payments to Coinbase cryptocurrency exchange. ui/Cheat69 said: 

Just got off the phone with a Santander rep in the U.K. who informed me they will longer be allowing their customers to deposit money to Coinbase. 

After I put in a compliant their “complaints department” confirmed to me that I should move to an alternative bank if I wish to make the payment. 

They went on to say this is likely because of an increase in fraud related to Coinbase. 

Policy Pivot or a Random One-Off?

Santander UK has yet to release an official press release describing the policy change and the move surprised many in the cryptocurrency community as Santander has been relatively supportive of blockchain-based technologies.

In 2018, the bank became the first to utilize Ripple’s xCurrent blockchain-based product to process cross-border payments. 

Interestingly, Santander’s decision also follows a similar announcement from Britain’s bank on August 14. Apparently, Coinbase was stripped of access to the U.K. Faster Payments Scheme (FPS).

This means that UK-based clients are unable to quickly deposit or withdraw fiat from the exchange.

Coinbase is Not Bothered By the Change

Until the FPS is restored or Coinbase finds partner bank with the license, UK-based crypto investors will have little choice except to go through the multiple-day process of converting pounds into euros then completing the transaction through an Estonian bank. 

An unnamed insider familiar with the matter said Coinbase expects to reattain its FPS access by the end of the third financial quarter. 

Do you think Santander’s decision is permanent? Share your thoughts in the comments below! 


Images from Shutterstock

 

The post Santander UK No Longer Supports Coinbase Payments appeared first on Bitcoinist.com.


Source: bitcoinist
Santander UK No Longer Supports Coinbase Payments

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Massive UK Newspaper Heralds Bitcoin and the “Golden Age of Cryptocurrency”

The United Kingdom’s widely circulated Metro news publication has published a surprisingly bullish article explaining Bitcoin for its millions of readers. The article is scant in its detail but does feature a full Bitcoin explanation video.

The overall tone of the clip is incredibly optimistic for Bitcoin’s long term. Rather than caution against its use, it seems to encourage it, explaining in the simplest possible terms and providing information on how to buy the crypto asset.

Metro Shows Bitcoin’s Qualities to Millions

We love seeing the mainstream media approach Bitcoin with an open mind. Earlier this year, much of the industry celebrated as it made a convert of CNBC anchor Joe “Squawk”Kernan. Elsewhere, other non- publications have been providing a much more balanced view of the industry as it continues to mature.

Nothing thus far in mainstream media appears to have championed Bitcoin quite as heavily to the general public as newspaper the Metro. Circulated on almost every bus and train in the nation, the paper is a favourite of many since it offers a simplistic take on events with less political bias than other widely read publications.

Today, the online version of the publication featured a story introducing Bitcoin to its readership. The article is loosely based on the Hong Kong riots – there are two sentences that can be surmised as: “Hong Kong is rioting” and “people are buying Bitcoin there as a means of capital flight.”

The Hong Kong subject of the article appears to have been used as a flimsy excuse to put out some “bullish-on-Bitcoin” content the paper has been sitting on. The article goes on to briefly explain what Bitcoin is.

It is basic in its detail but one of the most notable things about it is that there is mention whatsoever of Bitcoin being used as a means for drug dealing on the Dark Web, or as a tool to enable international money laundering. This is a complete anomaly for a mainstream media article attempting to explain what Bitcoin is.

The pro-Bitcoin coverage continues during a four minute explanation video. It begins with an incredibly brief history of money, stating that an early system of barter was replaced by one of “gold, government, and greed.” The next sentence, however, really sets the tone of the rest of the piece:

“Now a new way of exchange is breaking out as we enter the golden age of cryptocurrency.”

The video primarily focuses on Bitcoin, on the grounds that it was the first and “the one making all the headlines.” Viewers are introduced early to one of the main arguments against fiat currency forwarded by Bitcoin proponents:

“The currency we use today, like sterling, euro, dollar isn’t worth anything in itself but it is representative of a gold or Federal Reserve.”

Unfortunately, the presenter didn’t cut off that sentence before the word “but” or at least provide explanation of how fractional reserve banking works and the fact that there is no gold. However, we do applaud the effort to highlight that fiat currency isn’t backed by anything other than faith.

Elsewhere in the video, there is mention of Bitcoin’s decentralised nature versus central banking, a brief introduction to mining the cryptocurrency, and how to buy Bitcoins. This process is described as being “just like you buy anything on the internet.”

Although the dark web is mentioned during the four minutes, it is only in passing and it is strongly implied that this was just a brief period in the Bitcoin story. There is also no mention of money laundering or other financial crimes often cited by regulators and lawmakers as a concern about the technology.

The piece concludes by hammering home its overarching message of optimism for Bitcoin’s future. Its presenter states:

“We are on the cusp of an era where people actually come around to the idea of using Bitcoins instead of the money we ordinarily use… If you think about it what’s the difference between the money you don’t see in your and the Bitcoins you don’t see in your Bitcoin wallet.”

To this final point, we offer polite rebuttal. There are vast differences between the money in your bank and Bitcoin. However, we love the attempt to relate the innovation to something the masses already rightfully or wrongfully trust.

 

Related Reading: Bitcoin Craters to $10,500, Sentiment Hits December Lows: Can BTC Bounce?

Featured Images from Shutterstock.

The post Massive UK Newspaper Heralds Bitcoin and the “Golden Age of Cryptocurrency” appeared first on NewsBTC.


Source: newsbtc
Massive UK Newspaper Heralds Bitcoin and the “Golden Age of Cryptocurrency”

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Another UK Bank Reportedly Cuts Banking Ties to Coinbase

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UK’s Advertising Regulator Accuses BitMEX Exchange of Misleading Bitcoin Graph

Coinspeaker
UK’s Advertising Regulator Accuses BitMEX Exchange of Misleading Bitcoin Graph

On Wednesday, August 14, the U.K. Standards Authority (ASA) has upheld its complaint against the derivatives platform BitMEX for showing a “misleading” Bitcoin price graph on the front page of the country’s national .

ASA, which is an independent ad , said that earlier this year in January 2019, BitMEX advertised in The Times newspaper showing a 10-year graph of the BTC price between January 2009 and January 2019. The ASA states that BitMEX breached an ad code and did not provide any clear explanatory information.

In its complaint, the authority notes that BitMEX’s ad was:

“A clear promotional statement of Bitcoin’s merits and did very little to warn consumers of any risks. For those reasons we considered that the ad had misleadingly exaggerated the return on investment, failed to illustrate the risk of the investment and therefore concluded it was in breach of the Code [CAP Code, the rule book for non-broadcast advertisements].”

ASA Receives Multiple Complaints

The ad regulator stated that it has received four complaints from those who think that the BitMEX ad failed to illustrate the risks and also “exaggerated returns”. Thus, the complainants have challenged if the ad was “misleading”.

Issuing its formal defensive response, BitMEX said that the ad was a part of the campaign to commemorate the 10 Bitcoin mining anniversary ever since the genesis block was mined on January 3, 2009. BitMEX further added that the purpose of the advertisement was not to promote Bitcoin or any of its related product.

The crypto derivatives platform added that the ad was just to inform without any buying/selling motive and that it has “ direct financial interest in the value of cryptocurrency itself”. It further argued that the scale of the BTC graph was clearly labeled and very appropriate. BitMEX stated:

“The logarithmic scale of the graph significantly understated the scale of the rise in its value which appeared as modest upward growth rather than the approximately 5,200,000% growth from 18 August 2010.”

However, the ASA has stressed that the scale on the graph could have been misinterpreted by a large audience which lacks the understanding of specialized knowledge. As a result, BitMEX has been asked to clearly ensure that its ads are clearly understood even by an average audience and that the risks of investments are “sufficiently clearly signposted.”

UK’s Advertising Regulator Accuses BitMEX Exchange of Misleading Bitcoin Graph


Source: coinspeaker
UK’s Advertising Regulator Accuses BitMEX Exchange of Misleading Bitcoin Graph

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