Coinfloor, the UK bitcoin exchange announced they’ve been informed by their primary bank that its GBP SWIFT provider has asked them to pause processing GBP SWIFT withdrawals related to cryptocurrency. To that end, Coinfloor says they will be transitioning to an alternative solution for GBP SWIFT (or Faster Payments) withdrawals as soon as possible. Coinfloor is one of the longest standing bitcoin exchanges established in 2013.
The company informed users that if they wish to withdraw funds in GBP, to continue to place a request in GBP and they will facilitate this via a EUR SEPA transfer. Withdrawals will be processed immediately.
Coinfloor noted they will process these withdrawals by sending instructions to its bank to convert the funds to EUR, then wire them via SEPA to the customer’s GBP denominated account. In good faith, Coinfloor says they will pick up any extra fees incurred and suspend its usual withdrawal charges during this time.
CEO of Coinfloor Obi Nwosu said:
“It is important to note that our primary banking relationship continues to be very strong. The processing of USD, EUR, and PLN withdrawals and deposits are completely unaffected, as are GBP deposits.”
Additionally, Coinfloor stated they will delay the recently announced increase in deposit and withdrawal minimum. The exchange decided to postpone implementation until they have an alternative in place for GBP withdrawals so that customers who are affected by the minimums increase can choose to wait until GBP withdrawals have been restored.
CEO Nwosu continued:
“Finally and most importantly, the original announcement of the change in deposit and withdrawal minimums was not well timed and I would like to personally apologize for this. In future, we will communicate nonurgent policy changes during business days and provide more notice.”