U.S.-based Bitcoin exchange Coinbase has apparently decided to end support for Canadian Dollar transfers in its system.
It was less than a year ago when Coinbase expanded to Canada and decided to partner with Calgary-based payment processor Vogogo Inc (CVE:VGO) to provide transfers to CAD accounts. Coinbase’s current decision comes among troubles at Vogogo. In mid June the company’s CEO Geoff Gordon resigned, leading to a decision announced yesterday by Vogogo to sell its risk platform and shut down its payment processing business, on which Coinbase relied.
All customer CAD stored with Coinbase must be converted to digital currency or withdrawn by July 29.
LeapRate received a copy of the email Coinbase sent out to its Canadian users and others with CAD accounts. The full text of the email follows:
An important message to Canadian Coinbase customers
Dear valued Coinbase customer,
As of August 1, Coinbase’s Canadian payments provider, Vogogo, will be shutting down its payment processing business. When this occurs, Coinbase will no longer be able to support Canadian EFT transfers, Interac transfers, or the storage of customer CAD on Coinbase.
All customer CAD stored with Coinbase MUST be withdrawn off site or converted to digital currency by July 29th.
If you hold CAD in your Coinbase account, you must liquidate your CAD holdings before July 29th by either:
- creating a withdrawal to your linked bank account or
- exchanging stored CAD for digital currency.
If you are unable to withdraw or exchange your CAD before July 29th, Coinbase will suspend your account and significant fees will be incurred for CAD withdrawals.
We are disappointed to lose the ability to offer these payment methods for our Canadian customers and hope to provide additional payment methods in the future. We appreciate your support during this change.
If you have any questions regarding this or would like to contact us, please visit our Support Center.