UK Exchange with debit card anyone?


Just spotted this coindesk article

Interesting that they appear to have achieved their goal of being regulated by setting up multiple companies that work together. I wonder if this approach is applicable elsewhere?

EDIT: coindesk not coinbase as originally stated!


Well does the same the company is in the UK and the bank is in Gibraltar.

The exchange part is not finished yet but they are working on it.


Their setup almost reminds me of the payment processing setups used by the iGaming industry (casinos, poker sites etc). It makes perfect sense to have the money go “through” a regulated 3rd party provider.

In iGaming we call those “Clearing House” and it’s definitely nothing negative. Quiet the opposite since a reputable clearing houses wont be operating with shady companies since they have to protect their own reputation and maintain compliance with their regulators


I read that article when it appeared. They don’t seem to get it, or are deliberately ignoring the fact that SEPA and swift require fees and Fx. How does that make it a sterling or even UK exchange ? there have been many UK exchanges, all of which have either moved overseas or shut down. Meh.

Here’s my post on the article

I can’t see where you get 24 hours for SEPA payments. the definition
of a payment conforming to SEPA is that it is not urgent, a maximum of 3
days. It also requires euros, so there are Fx fees to consider. The
cheapest option I have found is RBS’ Royworld system that costs £10 per
transfer, not including Fx fees.To deal with sterling there should be direct sterling transfers, no fees or Fx.
Faster payments or forget it.


The thing is that a lot of people lack to understand how the payment processing industry works. Thus there is constant biatching from all sides about KYC, fees and regulations. Fact is you can’t desire to gain “global mainstream adoption” and continue being the Wild West at the same time. It’s one or the other, not both. At the end of the day each one of us will have to chose the money handler you’re dealing with based on the fees you’re willing to pay (or not pay).


True enough, but speaking strictly about the UK - we have no choice. If we had the euro here then we would be on an equal footing with people in Germany, France etc. They don’t have Fx fees and being euro native I wouldn’t think their personal banks would charge large fees for single currency transfers. IDK, because I’m not there. Can you tell me how much a SEPA payment typically costs you ?


In the last quarter my Spanish bank charged my over €100 for “end of quarter” and transactions and account fees and I can assure you that the account is not an account that has tons of money go through it. It’s main use is rent and other bills since most my BTC goes to my Skrill and Neteller eWallets via P2P trades because I have cards for both of them. However, their tx fees are not small either but I don’t mind them sine I’ve been using both sites for many years to move my poker funds around.


Thanks, I just got a reply from DSX on the subject too. Apart from anything else, they point out that the market is so small it’s not a big deal for them. Firstly, it’s chicken and egg. There is a demand in the UK, which the banks and our isolation from the euro have caused. Without access, demand is stifled, so no-one opens a market, hence the observed market is small.
Secondly, they maybe a UK based exchange, but they are unable to offer a service that can take GBP natively using currently existing systems. These layers of fee charging and complexity are what keeps the market small, much to the banks amusement I suspect.

They did point out that HSBC only charges ÂŁ4 for SEPA payments though, so I may investigate further :smile: