Early reports say European bank BNP Paribas has blocked transfers to Coinbase, citing “fraud, malware and scams.”
Initial findings show French international banking group BNP Paribas is blocking customers from sending funds to major crypto exchange platform Coinbase.
The block seems to have been initiated this week, although transfers functioned normally during the week of March 2, an anonymous source and BNP Paribas customer told Cointelegraph, referring to his interactions with the bank’s customer service department.
But the bank has reportedly not closed off transactions to other crypto exchanges, the source added. The bank still seems to allow transfers to Binance’s European branch, Binance Jersey.
BNP Paribas cited several reasons for blocking transfers
Cointelegraph’s source shared recordings that confirm the banking giant has closed off transactions to crypto platform Coinbase. “It’s considered as an illegal operation,” a BNP Paribas representative told the source during a phone call. The customer said he received no warning of the bank’s decision to halt transfers to Coinbase.
The bank cited fraud, malware, scams and the anonymous coin Monero as their rationale for shutting down transfers to Coinbase.
Other banks have blocked crypto in the past
This instance is not the first time that a financial institution has blocked its customers from crypto activity.
Amid Bitcoin’s $20,000 price run in December 2017, multiple banks in Bulgaria began halting customer access to Bitcoin exchanges in other countries. The banks also shut down several Bulgarian-based crypto exchanges’ accounts
J.P. Morgan Chase, Bank of America and Citigroup also banned customers from purchasing crypto with credit cards in February 2018.
Cointelegraph connected with a BNP Paribas media rep who was unable to issue immediate comment. This story will be updated with any relevant information they provide.