Coinbase stops accepting deposits from Nationwide bank

The users of Twitter and Reddit have noticed that deposits from Nationwide bank to Coinbase are not working, and Coinbase published a statement that those deposits are no longer accepted
08 January 2018   3016

Nationwide Building Society is a British mutual financial institution and the largest building society in the world with over 15 million members with headquarters in Swindon.

It was announced on the official website of Coinbase that they will no longer be accepting deposits from Nationwide Bank. That decision may be linked to Nationwide’s SEPA payment processing, which is maintained by Germany’s Commerzbank, which have been associated with a company's policy of refusing to deal with transactions related to Bitcoin and cryptocurrency.

Earlier, Nationwide Bank’s correspondent bank for SEPA transfers Commerzbank has stated no longer allows transfers related to Bitcoin.

Coinbase Nationwide bank statusCoinbase status towards Nationwide Bank

Previously, we have reported that Coinbase was undergoing major issues in the end of November, and that Coinbase' insider trading evidence was unveiled in the end of December 2017.

Coinbase to Appear in San Francisco District Court

Exchange representatives must appear in court due to issues related to BCH trading launch in 2017
07 August 2019   131

San Francisco District Court judge Vince Chhabria ruled that the latter showed negligence and “clear incompetence generated by haste” when it started trading in Bitcoin Cash (BCH) on Coinbase. Now Coinbase, apparently, will be forced to stand trial, Bloomberg reports.

So, at the end of 2017, the exchange opened BCH trading, but was forced to suspend operations after 2 minutes due to high volatility and suspicious price increases - the coin began to grow rapidly several hours before the announcement of Coinbase.

Then the company was accused of insider trading, later crypto enthusiasts even began to find confirmation of this.

According to the judge, the users who bought VSN at inflated prices were primarily affected. He noted that the suspension of trading was too hasty and disrupted the normal functioning of the market.

BCH buyers claim that Coinbase could have announced a bid in advance to prevent a price spike, but it did not. The judge agreed with this opinion and noted that shortly before the launch of BCH trading on Coinbase, the Chicago Mercantile Exchange opened trading in bitcoin futures, which could become a factor of too much market participants' recovery.

According to the publication, Coinbase has not yet commented on the court decision.

Recall that in March 2018, a class action lawsuit was filed against the company, in which Coinbase was accused of “artificially overpricing” Bitcoin Cash through trading based on insider data.