Santander denies blocking payments to Coinbase, but says some exchange payments are subject to checks

Giant Spanish bank Santander has told The Block it is not blocking users' payments to Coinbase, in response to allegations made by its UK clients on Reddit.

One user said a Santander rep had told them the bank was blocking customers from depositing money to the popular crypto exchange, and had advised the user to move banks if they wished to continue using Coinbase.

However, responding to The Block's questions over whether they had blocked the exchange, a Santander spokeswoman said it was "not the case" and added:


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"We do not block payments to legitimate companies, however in certain circumstances we will refer payments for additional security checks, where we believe there may be a higher risk of fraud."

That may suggest that Santander users face delays when depositing or withdrawing funds in fiat on Coinbase, particularly for large sums. Alternatively, it could mean that individual clients under investigation face heightened scrutiny over their transactions.

Meanwhile, Coinbase was reportedly cut off from banking with Barclays this week, nominating ClearBank to replace them.

About Author

Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.