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Report: Barclays stops providing banking services to US crypto exchange Coinbase

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Report: Barclays stops providing banking services to US crypto exchange Coinbase

Barclays PLC has stopped providing banking services to U.S.-based cryptocurrency exchange Coinbase Inc., Reuters reported Aug. 14, citing sources familiar with the matter.

It is unclear why the British lender ended its deal with the exchange.

The two companies' relationship helped facilitate Coinbase users to buy cryptocurrencies with pounds and allowed them to withdraw their funds, the newswire said.

Money laundering concerns have largely prevented global financial entities from engaging in business with companies that handle bitcoin and other digital coins, Reuters said.

Difficulties obtaining onshore banking services has led three-quarters of British cryptocurrency businesses to look abroad for banking services, according to a survey by CryptoUK, cited by Reuters.