A LinkedIn post circulating online claims that Wise has
begun blocking payroll payments sent by Coinbase to employees holding Wise
accounts in the UK. The post states that the action has disrupted employees’
finances and describes it as “anti-competitive.”
It also notes that Coinbase is
an authorised electronic money institution under UK law and argues that it
should not face payment restrictions.
Finance Magnates has contacted both companies for comment.
The claims could not be independently verified. As of publication, Wise has not
issued a statement, while Coinbase confirmed that the LinkedIn post can be
cited but provided no further comment.
Policy Allows Crypto-Related Restrictions
Wise’s publicly available Acceptable Use Policy states that
the company does not allow customers to use its services to buy, sell, or trade
cryptocurrencies directly. The policy also notes that the firm may reject or
return payments involving crypto businesses, depending on internal compliance
and risk assessments.
Wise is authorised by the UK Financial Conduct Authority
(FCA) as an electronic money institution. Coinbase’s UK entity is also
registered with the FCA under the Money Laundering Regulations.
While Wise’s policy restricts certain crypto-related
transactions, it does not explicitly state that salary payments from regulated
crypto firms are automatically blocked. Individual decisions may depend on
transaction details and internal controls.
Wider UK Banking Friction
The claims come amid broader tensions between crypto firms
and UK banks and payment providers. Several banks in the UK have introduced
limits or blocks on transfers to crypto exchanges in recent years, citing fraud
risks and compliance obligations.
Industry bodies have argued that such
measures create operational challenges for regulated firms and undermine the
UK’s ambition to become a digital asset hub.
Government officials have previously called for a balanced
approach that supports innovation while maintaining financial stability and
consumer protection.
This article was written by Tareq Sikder at www.financemagnates.com.
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