As one of the largest banks in the United States, it’s no surprise that Wells Fargo has been involved in the cryptocurrency space. In fact, the bank has been working with Coinbase, one of the leading cryptocurrency exchanges, since 2016.
However, recent reports suggest that Wells Fargo may be blocking Coinbase accounts.
This news comes at a time when the cryptocurrency market is seeing a lot of volatility. After reaching an all-time high in December, Bitcoin prices have been on a steady decline, and this has led to a sell-off in other cryptocurrencies as well.
NOTE: WARNING: Wells Fargo has been known to block transactions related to cryptocurrency exchanges like Coinbase. As such, we strongly recommend that you use another bank or financial institution to make your Coinbase transactions. Additionally, Wells Fargo may put a hold on any funds transferred from your Coinbase account, and you could experience delays in receiving the funds. We advise caution when making Coinbase transactions with a Wells Fargo account.
This market volatility may be one reason why Wells Fargo is reported to be blocking Coinbase accounts.
Another reason for the reported block could be due to concerns about money laundering. Cryptocurrencies have been used in some high-profile money laundering cases, and this is something that banks are starting to crack down on.
If Wells Fargo is concerned about its customers using Coinbase to launder money, then blocking accounts could be one way to prevent this from happening.
Whatever the reason for the reported block on Coinbase accounts, it’s sure to cause some inconvenience for customers of both Wells Fargo and Coinbase. For now, it’s unclear when or if this block will be lifted, but we will continue to monitor the situation and update this article as more information becomes available.
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If you’re a Wells Fargo customer, you can now link your bank account to Coinbase to make buying, selling, and spending digital currency easier than ever. Here’s how to do it:
1. Sign in to your Coinbase account and go to Linked Accounts.
2.
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