Interesting things are happening to the Coinbase exchange, albeit Canadian users will not be in favor of this news. As it turns out, the company’s Canadian payment provider Vogogo will shut down its services. That also means Coinbase will no longer support EFT and Interact transfers. Moreover, they will no longer support the storage of Canadian Dollars.
Canadians Need A Better Solution
It has not been a great year for Bitcoin exchanges servicing Canadian customers so far. Over the past 12-ish months, some of the country’s major exchanges have shut down, forcing users to look elsewhere. Buying Bitcoin as a Canadian became a lot more difficult, even though other exchanges had added CAD support in the past.
One of the platforms is Coinbase, which is one of the primary exchanges for Bitcoin in the world. However, they will no longer serve Canadian customers as of August 1, due to Vogogo shutting down. Most people will know that name as one of the biggest payment processors in the world, and they also handle user verification.
Unfortunately for Canadian Coinbase users, this means the Bitcoin exchange will no longer support EFT and Interac transfers. Both of these tools are the wire transfer counterpart in Canada, one of which allows for nearly instant transfers. Moreover, Coinbase will no longer support CAD balances either.
Users have until July 29 to convert existing CAD balances to Bitcoin or have it transferred to their bank account. Users who are unable to do so will be subject to a suspended account, and pay a hefty fee for getting their funds out at a later today. No specific details regarding these fees were announced at the time of publication, though.
It is not a complete surprise Vogogo is shutting down their services. A few months ago, the company had made an announcement regarding the winding down of some specific services. It remains unknown if they ran out of funds, or simply decided to pivot their business model altogether..
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