Is Citibank no longer supporting Coinbase and cryptocurrency withdrawals? Is there a story behind?

According to a share from a Reddit user named 99problemsNa on the r/CoinBase subreddit, Citibank is no longer supporting Coinbase & cryptocurrency withdrawals. After sharing, there are quite a few other users who said they also encountered the same situation. Currently, users are very confused about this.

Citibank is no longer supporting Coinbase and cryptocurrency withdrawals

As the Reddit user shared, he had a problem with withdrawing money from Coinbase to my Citibank account via an instant debit card. After contacting Coinbase, the user said that the bank no longer accepts credits from Coinbase or other cryptocurrency-related institutions.

Previously, another Reddit user also raised a similar case. At that time, Coinbase support then said Citibank is no longer supports Coinbase. However, when this user called Citibank, they didn’t say that they said everything was fine, just credit cards aren’t supported. And until now, Coinbase has not confirmed they do or do not work with Citibank now?

Commenting on this, some Reddit users said he should use a different bank that is crypto-friendly. Citibank is not the only bank. However, some argue that this is not a matter of being cryptocurrency-friendly or not. Which is a breakaway from the banks. Obviously, banks know crypto threatens their business model. Therefore, this is probably also one of the prevention methods of the banking world.

There is another opinion that Citibank is the correspondent bank right now for Tether. This could be bad.

However, in a different development, according to the CEO of HSBC Holdings, banks are rushing to offer crypto services. Among them, major Wall Street banks, including Citi and Goldman Sachs, are taking steps to offer cryptocurrency services to their clients, trying to take advantage of sizzling demand for a new asset.

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