News

Coinbase Announces They Will No Longer Accept Deposits from Nationwide Bank

Matthew Tompkins | Jan 07, 2018 | 19:00

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Coinbase will no longer be accepting deposits from Nationwide bank. The move comes due to the bank’s SEPA processing being handled by German bank Commerzbank, who has a new companywide policy of not dealing with money related to Bitcoin.

The Coinbase website has announced that they will no longer be accepting deposits from Nationwide Bank. Nationwide’s line on events appears to be that it is their SEPA payment processing, handled by Germany’s Commerzbank who have been associated with a company-wide policy of refusing to deal with transactions related to Bitcoin and cryptocurrency.

Bitcointalk forum user micalith posted the message he received when trying to facilitate a transfer using Nationwide:

Nationwide Bank’s correspondent bank for SEPA transfers is Commerzbank – please note that Commerzbank has adopted an internal policy and no longer allows transfers related to Bitcoin.

Online Reception and Reports

Initial outrage was first stoked on Reddit where users reacted to the news with indignation and outright hostility alongside other users reporting that they had also faced problems when depositing from Nationwide Bank via SEPA, although others who used debit cards in the UK reported that their payments had been successful, at least in the past. Some users suggested that Nationwide Bank users should switch banks.

Similar reactions abound on Twitter as well:

@CoinbaseSupport I paid in 3 separate payments to my @coinbase account using nationwide, as soon as i try to send a SEPA to verify a withdrawal you now claim not to accept payments from nationwide. Easy in, impossible out. How do i get my money back?

— Christy Nevin (@ChristyNevin) December 31, 2017

@coinbase I urgently need clarification on when a withdrawal from my GBP wallet will reach my account. You have taken a €1 SEPA payment from me which @AskNationwide has charged me £9 for. You are now claiming you do not accept Nationwide deposits. Whats going on?

— Tom Farmery (@TomFarmery1) December 31, 2017

@AskNationwide Why can i no longer use Coinbase with my Nationwide account? 😡I don't understand what it is to do with you guys what i spend my money on. Been with nationwide since i was old enough to have a bank account, time to change i think.

— Simon Jordan (@shime553) January 5, 2018

Commerzbank Bank

Commerzbank is Germany’s second-largest bank after Bavaria-based BayernLB. Their refusal to deal with Bitcoin is perhaps not surprising given the establishment’s conviction of laundering hundreds of billions of dollars over more than a decade for Iran, Sudan, and Myanmar.

The Justice Department said Commerzbank used non-transparent methods. Assistant Attorney General Leslie Caldwell stated:

Commerzbank committed these crimes even though managers inside the bank raised red flags about its sanctions-violating practices. Financial institutions must heed this message: banks that operate in the United States must comply with our laws, and banks that ignore the warnings of those charged with compliance will pay a very steep price.

This stance taken by Commerzbank has not stopped the bank from appropriating the very same Blockchain technology which drives Bitcoin for themselves. Bitcoinist previously reported on Commerzbank and other European banks joining IBM’s blockchain initiative last year.

Do you bank with Nationwide or Commerzbank? Will you continue to bank with them in light of their anti-bitcoin policies? Let us know in the comments below.

Images courtesy of AdobeStock, Pixmedia, Coinbase