Cryptocurrency, Coinbase, UK bank accounts, HMRC, Identity, Birth Certificates & Blaming My Parents!

deejaybee

I'm having some issues with coinbase as well. Opened account ok yesterday evening, but wont let me buy yet.

Bit more detail in my recent post in BITCOIN thread.

TimSynths

masonic said:

TimSynths said:

masonic said:

Due to the regulatory environment (presumably relating to fraudulent transactions) Coinbase don't accept bank transfers from UK accounts. Any £2 payments sent will bounce back and you'll get notified a few days later of the situation.

I've sent Coinbase £1000's this year form my Lloyds account with no issues. Only bank i've heard that gets stroppy with Crypto is HSBC these days.

It's Coinbase that has made the decision, not the banks. UK customers can no longer link their bank accounts, they can still use debit cards and paypal. Legacy customers may not be affected. I have a message from Coinbase stating that due to my location they cannot offer this service. I presume it's related to the new rules around refunding victims of fraud and they just consider setting up linked bank accounts for new customers too risky.

They did state this policy was being kept under review and they'd notify affected customers if it changes.

Good to know (just checked and my accounts are still linked and I funded coinbase with £3k via my Lloyds account on May 1st). I set three friends up last Sunday- I know they used their debit cards to make their first purchase and I'll check with them to see if they have issues as I told them all to use their bank accounts as there is no fee for doing so.

HighContrast

Hi thanks for the replies.
As mentioned to avoid "any" risks with my main working current account (barclays) being blocked, i want to set up a new bank account just for the purpose of paying in/out of either coinbase or kraken using bank transfer (and no more that a few hundred to begin with). Is it a red flag if an account is used primarly for this?
Also why do people mention using their bansk debit card to pay into Coinbase? Sure bank transfer is quicker, less fees and less likley to have issues?
RE a new bank account, I'm thinking either Revolut or Monzo, which would you all reccomened and why? Any alternatives to these two?

P.s. Also interested in the NFT side, i.e. opensea, will Revolut or Monzo be ok for this?

masonic

HighContrast said:

Also why do people mention using their bansk debit card to pay into Coinbase? Sure bank transfer is quicker, less fees and less likley to have issues?

It's certainly the better option to minimise fees - I wouldn't use a debit card, but based on the discussion on this thread bank transfers are not less likely to have issues. You had issues, and so did I. My issue was clearer than yours - after linking my account and sending the £2 payment, Coinbase bounced it back and told me they wouldn't permit me to link a bank account due to my location (UK).

DjangoUnchained

TimSynths said:

masonic said:

Due to the regulatory environment (presumably relating to fraudulent transactions) Coinbase don't accept bank transfers from UK accounts. Any £2 payments sent will bounce back and you'll get notified a few days later of the situation.

I've sent Coinbase £1000's this year form my Lloyds account with no issues. Only bank i've heard that gets stroppy with Crypto is HSBC these days.

i set up my coinbase account last week linked to my hsbc account seems to be working ok, so far