Coinbase announces deposits for UK customers must now be over £1,000

17 Jul, 2019
by David Borman
Exchange
Coinbase announces deposits for UK customers must now be over £1,000

It has been reported by Cointelegraph that US based exchange Coinbase just announced that due to a change in deposit policy, UK users must deposit a minimum of £1,000 ($1,240) and can no longer use the country’s Faster Payments settlement system.

It is unclear what prompted the change, but the company now requires that all deposits be done using the payment service SWIFT. This comes along with the newly imposed minimum deposit requirement.

According to a correspondence seen by Cointelegraph, the Faster Payments option would be returning "in a few months," but no further details were given.

Seeing as SWIFT payments can take up to five business days to process, and Coinbase has a five day freeze one deposits before they can be used, this means users are looking at upwards of 10 days from time of deposit before they can access their funds. This is sure to upset many users, even those who do have the 1,000 GBP to deposit.

Will this new policy stick for very long? Will it cause users to turn to other exchanges to purchase crypto? Stay here with Chepicap for all updates!

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