Over the next few weeks, Coinbase.com customers based in the UK may experience some inconvenience while we transition our payments systems. Starting on July 31 at 12:01am BST, we will temporarily remove Faster Payments Scheme (FPS) support for domestic GBP deposits and withdrawals. This transition does not impact Coinbase Pro customers.
Coinbase is committed to enabling the most efficient, secure, and compliant fiat-to-crypto on-ramps and we will share updates about reinstating FPS in the weeks ahead.
We know that the suspension of GBP bank transfers is an inconvenience for our UK customers. In recognition of our customers’ loyalty through this period, we will reduce trading fees on Coinbase for impacted UK customers between August 1st and August 15th.
As we work to bring back full support for FPS to our UK customers, there are several options for depositing and withdrawing customer funds on Coinbase.
To deposit funds while FPS is paused, UK customers have a number of options:
- Purchase crypto directly using a debit or credit card on Coinbase.com — this is the fastest way to buy crypto;
- Transfer money into your EUR wallet to buy crypto — this is known as a SEPA payment. Simply select ‘Deposit’ on your Coinbase EUR wallet to get started; or
- For deposits above £10,000, transfer GBP from a UK bank to your Coinbase GBP wallet — simply select ‘SWIFT’ in the deposit menu.
UK customers also have a number of options to withdraw funds while FPS is paused:
- Instantly withdraw GBP from a Coinbase.com account to a PayPal account — this is the quickest way to get GBP from your Coinbase GBP wallet into a UK bank account;
- Transfer money from your Coinbase EUR wallet to a bank account — this is known as a SEPA payment and takes up to 3 business days;
- Spend crypto instantly using Coinbase Card — a Visa debit card funded by your Coinbase crypto balance which removes the need to withdraw GBP off Coinbase into your bank account;
- Coinbase Card holders can also withdraw GBP from an ATM; or
- For withdrawals above £10,000, transfer GBP from your Coinbase GBP wallet to a UK bank — simply select ‘SWIFT’ in the withdrawal menu.
For more information on these options, visit our customer support page.
We take our role as the legal, secure, and easy-to-use on-ramp to the cryptoeconomy for millions of people around the world seriously. Coinbase takes a long-term view in every market we enter. We often forge new paths, break new ground, and find ways where others couldn’t to offer crypto to customers in a secure and compliant way.
Since launching in the UK and Europe in 2014, we’ve seen tremendous growth. More UK residents than ever before are investing in cryptocurrencies. In the coming months, we intend to expand access for our UK customers to a range of new crypto assets through our website and Coinbase app and our professional trading platform, Coinbase Pro.
We are committed to serving our customers in the UK and look forward to sharing more updates in the coming weeks.
Check out the original article here.
Author: Zeeshan Feroz