Author Topic: Coinbase and my issue with centralized services (banks)  (Read 4 times)

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Coinbase and my issue with centralized services (banks)
« on: September 11, 2019, 02:50:40 PM »
As written in this article, banks will always attempt to maintain a hold on the people but when there's a will there's a way;

"Barclays Bank, one of the largest banking institutions in the world, will no longer be providing banking services to Coinbase UK.

CoinDesk first reported the details of the split, adding that the exchange has signed up with a replacement banking partner known as ClearBank.

Coinbase started banking with Barclays in 2018, in a deal which pioneered the relationship between British banks and cryptocurrency exchanges. The partnership connected the exchange to the U.K’s. Faster Payments Scheme (FPS)— a move that allowed users to make instant pound sterling deposits and withdrawals on Coinbase.

The exact reasons behind the split remain unknown, but it seems to have been in the works for some time. Late in July 2019, Coinbase announced that it would be removing FPS access for Coinbase UK customers, although Coinbase Pro customers weren’t affected. It didn’t provide any reasons at the time, but in retrospect, the move seems to have been the beginning of the end for its relationship with Barclays.

However, it is expected that by partnering with ClearBank, Coinbase will be able to get its FPS access reinstated."

The issue with these centralized exchanges and having 100% control over your money and how you choose to spend it is the main reason why bitcoin and the technology is a thing. So no matter how these banks try their hardest to clamp down on crypto, their pressure will force more innovation that will lead to online financial freedom!

They are losing control of the people and their $$$

Alex Ginsburg, TechLead
100% Certified Financial Loss Recovery Service, we will recover what you lost regardless of how it happened.