Coinbase granted UK e-money license

They’ll be adding support for Faster Payments… which means that should drastically reduce the number of queries we get about not having 3D Secure support yet!!! :blush:


Right, is that really a positive thing or even the correct way to look at it?

I’d much rather have heard ‘3D Secure is in testing now, you guys, expect it soon’ kind of thing rather than ‘oh now people will moan less about it’.

But nonetheless, good news for both Coinbase and their customers, that would remove some unnecessary hoops. I wonder how many people were using their Revolut euro account just specifically for Coinbase transactions :slight_smile:


We’d all prefer that :slight_smile: but unfortunately that’s not always how this works.

Coinbase was one of the only merchants who regularly came up or bought up the 3DS checks so this being sorted is a good thing in my opinion, as it means that less users will run into the issue, while Monzo work on 3DS.

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Is this Coinbase saying 3D Secure isn’t a solution they like or are they just giving an option for those who can’t use 3DS for some reason?

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I think they’re giving an option in general - which bypasses 3DS.


On the other hand, as someone who doesn’t like 3DS, I am happy to see a good solution to bypass it - I would prefer not to use 3DS even if it was supported.


Yes, shame 3DS was not in the card side instead of merchant side. Personally I would then opt in and have it on all online transactions where currently some sites may not give me that option. However I hope it remains password based and does not evolve to obligate always having a phone on and charged when I wish to buy something.


3DS could be a good two-factor authentication option but the current implementation of it is complete garbage - it’s essentially an iframe embedding the 3DS page. You are still within the root page’s context, have no way of checking whether the iframe actually loaded your bank’s 3DS page instead of a phishing one, etc.

2FA should be implemented differently with for example dynamic CVV2 generated in advance in your Monzo app; as far as the merchant is concerned they do not need to handle all this iframe flow which is awful both for user experience and security.


bunq on their latest Mastercard Debit have no CVV on the back of their cards but instead the CVV is generated in their app…which great…when you have any battery left

CVV is generated in their app

Is it dynamic, or is it static, and the lack of CVV is there purely to defend against shoulder-surfing?

dynamic, keeps changing. Not sure what their reason was for it…maybe just to be different :wink:


Tongue-in-cheek :slightly_smiling_face:

However, it hasn’t been healthy for 95+% of our 3DSecure support requests to be coming down to just one merchant/service. The reason for that is that it skews the need/demand. Engineering time is a finite resource and how we allocate it is hugely important to our progress as a company. If we’d spent months building this simply based on the volume of requests we’ve had for Coinbase, and then after building it, this news story had come out, it frankly wouldn’t have been the most productive use of our time.

It doesn’t change anything for the timescale, as the Mastercard implementation process takes a set time even after it’s built. So the volume of requests, and particularly the spike every time there’s a major news story about cryptocurrencies, is somewhat frustrating!

All of this isn’t to say we aren’t building SecureCode (we are) or that we don’t consider it important. Just that the demand for it has been monopolised by one merchant, and it is not healthy to prioritise based on that.



I still have this problem with Monzo card, what should I do?

Take a look at the advice in this thread :slight_smile:

UK bitcoin / cryptocurrency exchanges used with Monzo

Use a card with supports 3D secure :thinking:

Most legacy bank cards support this or you can use Transferwise / Revolut to get Euro account which can be used to send payments directly to Coinbase for free.

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but this is still a joke, we are on Monzo’s forum and the solution is SEPA with Revolut… ??? :persevere:

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Not really, it’s on Monzo’s priority list but these things take time & it’s not the most in demand functionality.

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I have quit from all legacy bank because of Monzo and now I have a Bank where 3D secure isn’t workin and also I don’t have IBAN and SWIFT account… Monzo is still the best for me because I was fall in love with it, but it will so nice to see that they are working on solution… After Revolt’s fake crypto accounts (you don’t have wallet and private keys) I just lost the taste using Revolut… :smile:

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Ok so you don’t like Revolut I understand :laughing:

Use Transferwise Borderless or open an account with Bunq you’ll get IBAN with a Euro account. Monzo have a planned move into Ireland this year so I guess that can potentially bring SEPA etc…

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