French international banking group BNP Paribas is blocking customers from sending money to major cryptocurrency exchange platform Coinbase.
The block seems to have started this week, although the transfers work normally during the week of March 2, an anonymous source and BNP Paribas customers told, referring to his interactions with the bank’s customer service.
But the bank has reported not closing transactions with other cryptocurrency exchanges, the source added. The bank still seems to allow the transfer of Binance Jersey European branch, Binance Jersey.
Number of reasons to block money transfers
The banking giant has stopped trading with cryptocurrency platform Coinbase. Others considered it an illegal activity, a representative of BNP Paribas told the source during a call. The customer said he received no warning about the bank’s decision to suspend money transfer to Coinbase.
The bank cited fraud, malware, scams and anonymous currency Monero as their basic reason to stop transferring money to Coinbase.
Other banks have blocked cryptocurrencies in the past
This case is not the first time a financial institution has blocked its customers from cryptocurrency operations.
While Bitcoin Bitcoin costing $ 20,000 ran in December 2017, many banks in Bulgaria began to suspend customer access to Bitcoin exchanges in other countries. Banks also shut down a number of cryptocurrency exchange accounts based in Bulgaria
J.P. Morgan Chase, Bank of America and Citigroup also banned customers from buying cryptocurrencies with credit cards in February 2018.