Coinbase: Deposits from Nationwide Bank will no longer be accepted

nBankruptcy Commentary: Coinbase, a well-known cryptocurrency trading platform, announced that it will no longer accept deposits from Nationwide Bank as Deutsche Bank, the bank responsible for handling SEPA payments, declined to deal with bitcoin-related transactions. The news sparked a lot of controversy in the community, and many users were very angry and disappointed that this could result in Nationwide losing a group of users who love cryptocurrencies.n
nTranslation: Inan
Coinbase has announced through its website that it will no longer accept deposits from Nationwide Bank. From the bank’s point of view, the reason for this seems to be that Commerzbank, which handles its SEPA payments, is implementing a corporate policy that refuses to deal with Bitcoin and cryptocurrency-related transactions.n
The user of the Bitcointalk Forum, micalith, posted the message he received when trying to transfer money through Nationwide:n
n”Nationwide Bank’s SEPA transfer is handled by Commerzbank, and please note that the bank has taken an internal policy that no longer allows for Bitcoin-related transfers.”n
User responsen
When the news was released, Reddit was filled with angry comments from users. Some users also reported having problems with their SEPA deposit at Nationwide Bank, while others using their debit card in the UK said their payment was smooth, at least not before. Some users advise Nationwide Bank users to change banks.n
Twitter also appeared a similar response. A user named Christy Nevin, who posted a claim that he used Nationwide to pay three Coinbase accounts separately and was sending a SEPA-verified withdrawal, said the exchange said it no longer accepts payments from Nationwide. Easy to withdraw money to save money, he questioned how to get back the money. A user named Tom Farmery also claimed that he had paid the fee, but the Exchange now made such a statement, doubting that Coinbse strongly demanded that his withdrawal be appropriate to be credited. There is also a user named Simon Jordan posted an angry on Nationwide’s announcement, and disappointed to call themselves as old users to consider changing banks.n

Commerzbank is Germany’s leading large bank. It is perhaps not surprising that the bank will refuse to deal with bitcoin-related transactions because it has previously been accused by U.S. regulators of laundering hundreds of billions of dollars for Iran, Sudan and Myanmar for more than a decade.n
At the time, the U.S. Department of Justice said the bank opted for opacity and pointed out that banks operating in the United States must abide by US laws or face heavy costs.n
However, this position taken by Commerzbank does not prevent it from adopting blockchain technology that supports bitcoin. We have reported that the bank and a number of other European banks have joined IBM’s blockchain program last year.n

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