Bitcoin Forum

Can you believe it?   I just signed up to coinbase about 1 week ago.  

I never bought anything online. All i did was 2 transactions.

Deposit money from my bank account, then bought a bitcoin, and kept it in my coinbase account

Deposit more money, and boom!  my account was closed,


I saw they took out the second transaction from my bank account ($50)

But before it was deposited into coinbase account, they closed my account.  

I was only able to transfer the bitcoins from the 1st transaction to my desktop wallet


Now my 50$ is missing, they haven't returned it.

This is what they said:

"Thank you for your interest in Coinbase. Our primary goal is to make bitcoin safe and secure for our customers. Coinbase is a regulated Money Services Business under FinCEN (FinCEN.gov), and as part of achieving this goal, we are legally obligated to implement regulatory compliance mechanisms.

Upon careful review of your account, we regret to inform you that we can no longer provide you with access to our service. In order to resolve this matter, we respectfully request that you follow the on-screen instructions presented when you log into your Coinbase account to send any remaining balance offsite to an external bitcoin address.

Should you have any questions or need assistance, please let us know and we’ll be happy to help.

Respectfully,
Coinbase Customer Support"




I sent them an email and they didn't reply! So i went on their website and went on the live chat.


"Thanks for reaching out. After examining the issue I forwarded your note to our subject matter experts who can help. They will get back to you shortly. Thank you for your patience while they take a look. Please feel free to reach out if you have any further questions."




I am waiting for their reply, it's been 1 day

Did you receive funds from a Gambling site or use Coinbase to receive payments from a gambling site. The 2 transactions, what is it about?

Try reaching out through twitter. It's a public medium so they will likely reply faster  :)

The 2 transactions are withdraws from my bank account to coinbase,


no other transactions


i haven't received any money from anyone

CRAZY !
I want to hear what they say as to why..
I'll be avoiding them as usual.

I have seen a couple of cases like this. I have been with  coinbase for a long time and my account has never gotten closed.

Do you have any problem with your bank account?
I'm really surprised why they closed your account within this short time


Same here, I have been using coinbase wallet for som months and never faced such an issue.
My account is not even verified nor linked with any bank accounts

I call it so ridiculous that they block people because they gamble. It's people there own choice what they do with it.

This is indeed a very strange policy. I think this has something to do with the law in the US on gambling

How do they know the owner of OP gamble? He just transferred this money from his banks twice. NO indication of gambling.

Have you got your deposits by any illegal transactions or say something like gambling or ponzi ? If yes,they conibase's policy's are quite strict with such transactions to be safe and secure .Its just been a day ,you should wait more,probably a week to see if they give you you're $50 back.

It'll bring heat on them that they don't need. It's against the law in plenty of places. It's a private service and they can pick and choose who they deal with. This particular case sounds a bit odd but anyone who gambles should be bright enough to read the terms and conditions.

Its strange that block users that deposits money from their bank to coinbase. I have read banks that closed accounts that send money to bitcoin exchanges or withdraw from bitcoin exchanges. But not like your case.

Yah, I hear the folks who say Coinbase needs to be extra careful with people who gamble, etc., but I've heard so many stories about people getting their accounts closed (myself included) that it makes me wonder how in hell they're going to stay in business.  Even banks don't close accounts as readily as does Coinbase.  Oh well, there are tons of ways to buy btc, so just find another.

Never heard such problems with coinbase. I planed to use coinbase wallet now Wouldn't do that. I would use blockchain.info as online wallet. If I want to do the exchange, I can go to bitstamp, btc-e etc which have good reputation in history.

Coinbase is notorious for changing their rules when they want to if they want a user of their service to conform to their affiliates. It is a shame, they have a good service and exchange but they don't know what is driving the bitcoin movement at the moment.

oh no

On top of that, it's not exactly difficult to mask gambling with some creativity and paper wallets.

Coinbase is known to do that sort of stuff... They close down anything that breaches their Tos.

that means regulation(financial license) which all the exchangers should have it.
if coinbase is not respecting the AML, they will go to jail and their biz will be closed, money seized and so on. the law is strict.

again, this is a normal financial business not(strict rules, AML implementation and so on) not  what  exchangers are doing.  those exchangers will dissapear in a relative short time if they won't change their way to make business :)

I am not Coinbase fan at all but these people invested millions to get their licenses which means A LOT of rules.

Soon , we will hear that many US based exchangers will be closed. Why? Because they are out of law. All of them need financial license. How many do they have? Maybe 2-3.

They are just complying to certain regulations in order for them to continue their service to the masses. If they don't comply to the regulations, they could easily be shut down by the feds. Rules are rules and regulations are regulations. You can't do much about it; you need to comply in order for your business or account remain existing.

Interesting... Well, you're missing out of the free transactions... Sad  :'( :'( :'(