Banks are very well regulated by governments and they must obey central bank laws and guidelines, I believe the lack of clear laws on bitcoin and exchanges is at the root of barclays decision of the not to provide their services to coinbase. I read this news:
Controversial UK Party Becomes Nation’s First to Reveal Crypto Policy
we can already imagine that dark times are coming in the uk
Topic: Coinbase and my issue with centralized services (banks) - page 2. (Read 335 times)
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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 $$$
They are losing control of the people and their $$$
Definitely there are many other options available for coinbase to continue with their crypto endeavor. But I don't think Barclay's pulled out because of the nature of business of Coinbase. A bank like Barclay's wouldn't have taken this big decision for such silly reason!
Banks are capitalists by nature but they keep business at core! I am sure, something else had happened which acted as a catalyst between this separation! Otherwise, a banking institution would not pull out from a multi million dollars business amidst global economic slowdown, especially when they are not doing anything illegal. Barclay's is not run by fools!!
Banks are run by capitalist who wants to make profit and that I believe necessitated them entering into the deal in the first place to provide their banking services and now that they are pulling out, I think it would be wrong to start making some assumption as to what led to it as I believe its going to be something that is beyond the control of the bank. Banks all over the world are managed under strict guidelines because of the position of sensitivity they occupy in the economy.
For me, I think at the time of entering into the deal, there was no explicit provision that they should not engage in such and now that there are more regulations and policy mostly from the central bank and other factors which makes continual partnership an expensive endeavor and none of the parties is willing to spend which gives room for only one alternative and that is backing out. I am glad they found a replacement as this is needed if they need to grow their business.
For me, I think at the time of entering into the deal, there was no explicit provision that they should not engage in such and now that there are more regulations and policy mostly from the central bank and other factors which makes continual partnership an expensive endeavor and none of the parties is willing to spend which gives room for only one alternative and that is backing out. I am glad they found a replacement as this is needed if they need to grow their business.
Banks are doing business to make money and they are always looking for any legal opportunities to advance this aim. However, in the case of cryptocurrency-related businesses, banks understand that they are walking on something that can produce many concerns with the government and other financial institutions that is why for now many banks are shying away from working with this industry. Let's do away with so many conspiracy theories whatsoever because those can be baseless. Banks are here to stay no matter if all people of the world will be adopting Bitcoin. Banks and cryptocurrency can be co-existing harmoniously and profitably. Cryptocurrency can even drive many good banks to innovate and adopt new way of doing things and for those people who are still believing that banks can be gone because we now have Bitcoin: just continue with your dream there is nothing wrong with that.
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;
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"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."
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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 $$$
Alex Ginsburg, TechLead
100% Certified Financial Loss Recovery Service, we will recover what you lost regardless of how it happened.
https://t.me/alextechlead
[email protected]
[email protected]
===
"Barclays Bank, one of the largest banking institutions in the world, will no longer be providing banking services to Coinbase UK.
CoinDesk first reported the details of the split, adding that the exchange has signed up with a replacement banking partner known as ClearBank.
Coinbase started banking with Barclays in 2018, in a deal which pioneered the relationship between British banks and cryptocurrency exchanges. The partnership connected the exchange to the U.K’s. Faster Payments Scheme (FPS)— a move that allowed users to make instant pound sterling deposits and withdrawals on Coinbase.
The exact reasons behind the split remain unknown, but it seems to have been in the works for some time. Late in July 2019, Coinbase announced that it would be removing FPS access for Coinbase UK customers, although Coinbase Pro customers weren’t affected. It didn’t provide any reasons at the time, but in retrospect, the move seems to have been the beginning of the end for its relationship with Barclays.
However, it is expected that by partnering with ClearBank, Coinbase will be able to get its FPS access reinstated."
===
The issue with these centralized exchanges and having 100% control over your money and how you choose to spend it is the main reason why bitcoin and the technology is a thing. So no matter how these banks try their hardest to clamp down on crypto, their pressure will force more innovation that will lead to online financial freedom!
They are losing control of the people and their $$$
Alex Ginsburg, TechLead
100% Certified Financial Loss Recovery Service, we will recover what you lost regardless of how it happened.
https://t.me/alextechlead
[email protected]
[email protected]
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