Is there a problem caused by Brexit?

[theno1soco]

I have attempted to gain an account with two exchanges that trade with a fiat GBP and am having problems with both when attempting to verify a bank account.

Binance JE after ID verification, have said, "Currently we are unable to trade with you", via a support ticket after many days wait for bank account verification.

Coinbase appear to be taking forever (many days), to verify a bank account after ID verification. Ticket replies just say, "Your account is being dealt with under ticket #xxxxxxx). I have a verified Debit card account with them but the attempt to add a bank account is in limbo awaiting verification.

Earlier this month, when I started the account application with Coinbase there was a mention of a problem related to GBP and a date around the end of September. I seem to remember a mention about a problem with Nationwide too.

I cannot find any information about the causes and am wondering if GBP banking problems for new accounts at UK exchanges are being caused by Brexit uncertainties. The banks I use are Nationwide and Halifax, UK

Am I alone?

[jackg]

By confirming your bank account with coinbase, did you send the £2 payment and has that appeared in your exchange wallet? If it has then I think that means it's confirmed (quite frankly it never links up properly because coinbase aren't authorised by banks to take money directly from people's accounts - probably because they're an international company). But you should be able to transfer to them pretty easily (try it with a small amount and see if it works, even the £2 again)...

For binance I'm not entirely sure but it could be a similar issue. If you can deposit into your account you should be fine though.


The issues with coinbase are because barclays stopped accepting them for payments (it has nothing to do with brexit and I don't see why it would, the company is based in the US)...

[theno1soco]

The Halifax bank manager has just told me they do not allow purchases from a bank account. The Halifax return any funds sent to an exchange.

I can use a debit or credit card. But of course the exchange fees are to high.

Thank you.

[AB de Royse777]

The Halifax bank manager has just told me they do not allow purchases from a bank account.

It's common practice and I think bank are designed to pay using the bank card (debit or credit) however you can send money to any account using the online money sending feature. It's like a regular OTC trade.

I can use a debit or credit card. But of course the exchange fees are to high.

I know and it's frustrating.

[jackg]

Yeah you'll have to use online or mobile banking to do it (or you could walk into the bank).

Online transfers normally have a £500 limit so you can either do that for a few days if you want to put more in or phone them and ask for them to increase the amount.

If they work like my bank, you'll probably have to set them up as a payee and put a code into your phone and then you're free to send what you want up to the limit (for default it's normally 500 a day) to them.

[theno1soco]

Well, I am based in the UK and I am unable to find any UK main stream bank either High Street or online which will allow purchase of bitcoins.

I have actually tried three banks and any online deposit I attempt to make using Faster Payments to Coinbase is detected and reversed, never reaching Coinbase.

[jackg]

Do you get an email when it's refereed? If so and the email is from coinbase it was reversed by them... You're better off contacting their support if so.

[theno1soco]

I eventually was able to make verifying deposits from two different UK banks to Coinbase and get both accounts set up.

However, when I tried to make further deposits both accounts said we did not have any method of making deposits set up!

I think that the software at Coinbase is not yet set up correctly since Barclays dropped out and banks followed suit. It appears that recently banks are coming back online but its flaky.

One of the banks allowed the initial deposit but then said, "I am sorry to be the bearer of bad news etc". A case of left hand not knowing what the right hand is doing?

Coinbase acknowledge they have some problem apparently restarting GBP deposits since they were stopped. I have had an email saying they are manually sorting my problem and will come back to me. At least I now have a name of a contact at Coinbase.

I think it is time to let things settle down and wait for a few weeks before starting things moving again.

Brexit has no bearing on the problem, it is down to Barclays who withdrew from the market and started the dominoes falling.

[jackg]

You didn't try deposit via coinbase did you? And you did it via sending a bank transfer?

The only thing I can think of is that you exceeded your maximum daily limit. If your bank don't allow deposits, move... You can switch in 7 days here and everything should be switched across with the switch guarentee...



The other banks can't pull out from serving someone they don't know. I deposited by card recently and everything went smoothly

[gentlemand]

Coinbase lost Barclays banking. They've just readded faster payments using Clearbank.

The Nationwide problem was down to their intermediary bank in the EU who refuse to handle anything cryto related. This was when there was no GBP option at all on Coinbase.