Anyone ever used Coinbase with Monzo?

I’ve been using Coinbase which makes it really easy and safe to buy, sell, and store digital currency (like Bitcoin).

Was just wondering if anyone had used Monzo to deposit / withdraw from it?

There’s plenty of people on the forum who’ve reported various positive and negative aspects of using a variety of different coin wallets with Monzo.

The main point to remember is that for any bank, Monzo included, facilitating crypto transactions poses an extreme risk to the bank because of the high possibility that the funds may used to launder criminal profits.

Monzo have said on a few occasions they don’t take any issue with it, however if I were you and transacting like this with any bank I would wholly expect that my account would be blocked for review to confirm the source of the funding etc. so I’d ensure you have very clear and accurate documentation proving how you sourced the funds through legitimate means. That way when you do (somewhat inevitably) experience any bank asking you to explain or provide evidence to meet their anti-money laundering responsibilities you are able to do so.


Thanks TTJJ, there’s some very valid points there :+1:

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Don’t use Monzo or any other cloud-only banks with Coinbase and Binance!

I just recently started to get into buying cryptocurrency and my experience with Coinbase is not good. I went through the enrolling process by providing passport, live photo, etc and my account was fine. In the first couple of weeks, I was able to deposit GBP and buy coins. Then, unexpectedly Coinbase restricted my account and I wasn’t able to deposit anymore. I created a ticket for this but even after a week they haven’t got back to me with their investigation results, however, after a couple of days I was able to deposit GBP and buy crypto again.

Instead of receiving an answer to my question, a week later they send me an email (case number not in the subject) that I will not be able to sell my crypto into my GBP account but they will try to enable selling my funds into my PayPal account.

So now, I’m just thinking to try to move the funds to a linked wallet, outside Coinbase, and just stop using Coinbase altogether.

I want to stress that I am a very regular customer. I have one current account with Monzo, where I’m getting my salary and that’s it. I linked my Monzo account to Coinbase and use the service in a very normal, basic way. Yet, the operations of depositing and buying crypto on Coinbase triggered something in Coinbase’s system that made me look suspicious. I have got already £500 invested (deposited 100 weekly) when this blew up but I could have had a much more there.

I created a Binance account as well but luckily they say straight away to not use Monzo.

One more thing: I have a wallet with Not linked to Exchange, just the wallet. I haven’t got any issues with them, even though my crypto holdings are much bigger there.

I just send money to/from my Monzo account via Revolut for anything crypto related. Heard too many stories of people losing access to their accounts to risk it.

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Thanks great idea would not want to lose my account if sent money to Coinbase

Will open revolut now