Previously, users were required to send money over Coinbase exchange. Usually, the capital transferred through the banks took nearly 1 hour for completion, before showing up on the lists. Users then had to stake it into exchange to finally send it over to Binance or any other platform, with the entire process being charged a small amount of money.
In the guidelines, it was also mentioned that Coinbase held the right to modify the rules, but failed in sharing the detail with its users. For all the commonwealth countries, along with USA, Coinbase now charges nearly 4% of every transaction being carried out. This new add-on came without any notification being shared with users.
An older version of the agreement allowed a hassle-free and less time-consuming service to its users. The newly introduced guideline has charged transactions heavily, along with freezing many transaction amounts for over five days, hampering Bitcoin transactions on the exchange.
According to the new guidelines issued by Coinbase, the funds transferred over the exchange platform were sealed for a duration of five calendar days in the USA and the European Union. These newly introduced conditions have made it impossible to move funds to Coinbase Pro.
Senders were left only with the option of converting capital funds straight into Bitcoin, with a heavy fee of 4% on the overall transaction. This move was criticized by the crypto-community, as it allowed users to access any other personal account and interchange the capital with Bitcoin and finally share it with any account across the globe.
In response to the uproar on Reddit, another redditor, Asdafari, commented,“I dis this 2 weeks ago no problem. The issue seems to affect certain countries or users (lvl of verification etc.)”
GamergrillzzzxXxX shared,“I’ve been waiting for like 10 days now for my deposit.”
US Senators Coercing Libra Partners is Un-American: Coinbase CEO
Facebook’s plan to launch Libra came under further pressure after its partners Visa, Mastercard, Paypal, and Stripe announced that they were leaving the digital currency project. And as it turned out, there was some political pushing involved.
Senator Brian Schatz (D-HI) and Sherrod Brown (D-OH) sent letters to the chief executive officers of Visa, Mastercard, and Stripe, wherein they asked the trio to quit Facebook’s Libra project. The politicians iterated that the social media giant had failed to respond to regulatory concerns related to money laundering, terrorist financing, economic stability, and monetary policy. They further reminded the executives about Facebook’s track of record of misusing users’ data.
“Your companies should be extremely cautious about moving ahead with a project that will foreseeably fuel the growth in global criminal activity,” the senators wrote.
The language turned threatening as both Schatz and Brown warned Visa CEO Alfred F. Kelly Jr., Stripe CEO Patrick Collinson, and Mastercard CEO and president Ajaypal Singh Banga of consequences should they not quit Libra. The senators intimidated the trio that they would impose additional scrutiny if they decide to move against their recommendations.
If you take this on, you can expect a high level of scrutiny from regulators not only on Libra-related payment activities, but on all payment activities,” they wrote.
Coinbase CEO Bashes US Senators
Facebook did not provide any statement on the matter. But Brian Armstrong, the chief executive of San Francisco-based Coinbase cryptocurrency exchange, strongly objected to the way lawmakers went after Libra members. In a thread published on Sunday, Armstrong called the senators’ behavior “un-American,” adding that they both were resorting to “intimidation tactics.”
“[It] doesn’t matter what you think of Libra. If it’s not a useful tool or innovation, people won’t use it. Why the need for the intimidation tactics? This would be called anti-competitive/monopolistic behavior if any private company did it,” – Armstrong tweeted.
“Do we want to have a centrally planned economy, or let 1,000 ideas be tried in a free market to see which ones break through and deliver real value? Breakthroughs are by definition contrarian ideas, otherwise they would have already have been tried.”
Avivah Litan, vice president at Gartner Research, raised similar concerns. In her interview with CNBC, the analyst noted that governments are afraid of losing their authority to emerging technology projects like Libra. She also mentioned bitcoin, a non-sovereign asset, for scaring governments with its potential to replace all their monopoly.
“In the case of Libra, you replace central authority with task force authority and big tech authority. In the case of Bitcoin, you just replace all central authority,” said Litan.
Coinbase Eyes European Growth After Winning Irish E-Money License
Cryptocurrency exchange Coinbase has been granted an e-money license by the Central Bank of Ireland.
Writing in a company blog Saturday, Coinbase UK CEO Zeeshan Feroz said the exchange is one of the very first firms to receive the license from the central bank, following a Dublin office opening a year ago.
The license will also help open up EU and European Economic Area (EEA) markets for Coinbase customers, Feroz said.
Speaking on the announcement, state-sponsored business development agency IDA Ireland – which was set up to attract foreign investment to Ireland – called the move a net positive for the local financial industry
As CEO Mike Shanahan put it:
“Coinbase’s choice of Dublin for this operation reinforces the strength of Ireland as a destination for financial services companies, providing a consistent, certain, pro-enterprise policy environment for businesses to grow and thrive.”
Coinbase was granted a U.K. e-money license by the Financial Conduct Authority in March 2018, allowing the exchange to operate as a money service in the country.
While the U.K. is currently an EU member state, its government is currently attempting to leave the economic bloc via the so-called Brexit in coming weeks or months. If it goes ahead, the separation would render Coinbase’s local license of limited benefit.
Earlier this month, Coinbase gained access to the UK’s Faster Payment Scheme through ClearBank following a split with banking partner Barclays that temporarily caused deposit and withdrawal issues for users.
Bitcoin Exchange Coinbase Dives Into European Expansion, Reaches Milestone With Coveted E-money License
Coinbase, the leading cryptocurrency trading platform in the US, just scored a major victory for its expansion plans in Europe.
Regulators from the Central Bank of Ireland have granted the San Francisco-based exchange an e-money license, making it one of only a few companies in the space to obtain such approval.
The company says its latest milestone will allow it to expand its operations in Ireland and across some its fastest-growing markets. Coinbase first stepped into Ireland at the end of 2018 when it opened a new office in Dublin, a hotspot in the growing European digital economy.
Management says its expansion in Ireland represents a huge opportunity for Coinbase to grow its operations in Europe at large.
According to the announcement,
“[The approval from the Central Bank of Ireland] will also allow us to secure passporting for our customers across the EU and EEA. We are committed to ensuring that our customers have the same safeguarding and security as any regulated financial institution, and the approval of a second European regulatory authority demonstrates our position as the world’s most trusted cryptocurrency platform.”
Globally, the license will facilitate Coinbase’s ultimate mission of leading the new decentralized financial movement.
The company remains focused on challenging legacy banking by building a new open, crypto-based system that can more easily people around the world who have no bank accounts or are lacking affordable financial services.