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the obvious questions to ask:
1. did you deposit funds from gambling sites? darknet markets? mixers? gemini has terms against these because of legal risks.
2. are there OFAC sanctions active in your country of residence? it may be related to risk analysis re where you live.
for whatever reason, they wanted to end their relationship with you quickly. there are many past cases of this and i think gemini rarely gives the reason for account closure. you should be able to recover your funds; just contact them. update here if they won't release your funds.
if that were the case, they wouldn't have outright terminated his account. gemini already has mandatory KYC before you can open an account there.
1. did you deposit funds from gambling sites? darknet markets? mixers? gemini has terms against these because of legal risks.
2. are there OFAC sanctions active in your country of residence? it may be related to risk analysis re where you live.
for whatever reason, they wanted to end their relationship with you quickly. there are many past cases of this and i think gemini rarely gives the reason for account closure. you should be able to recover your funds; just contact them. update here if they won't release your funds.
Your funds were probably frozen because they want more documents. Governments all over the world are demanding more information from cryptocurrency exchanges.
if that were the case, they wouldn't have outright terminated his account. gemini already has mandatory KYC before you can open an account there.
UPDATE:
Hi All,
I really appreciate all the replies to my thread and everyone seems to have the same or similar thoughts on why Gemini suddenly decided to close my account.
After emailing Gemini support, this morning I received a response saying almost exactly what they said in the initial email they sent saying they were closing my account and I had 5 days to remove my funds. In this email today, they appear to have reset my 5 days to remove my funds, which is in process as I write this.
Also, to clarify... I've been about as 'normal' of an account as Gemini has. Nothing weird or unusual about the source of my funding, or my trading, or my transfers/withdrawals. Other than this from what I can think of.... I had transferred some BTC to a 'darknet' using my TOR browser some time ago. I was literally testing my ability to use TOR and a popular darknet market site.
So did Gemini backtrack all my transfers and somehow discover that I had sent some BTC to a darknet market? If so, then this is a HUGE big deal in that Gemini is monitoring and backtracking their customers BTC transfers. WOW, what an invasion and why would they care where I 'send' BTC anyway?
Of course I'm totally speculating on this and have no way to know if this is why they're closing my account.
Finally, I only kept the crypto on Gemini that I might need to trade in and out of on short notice while I was in the process of a big cross state move. All my other crypto is kept in cold storage off the exchanges. However, my account balance at Gemini is in excess of $35k as that is my 'trading' crypto and not my Hodl crypto. But I must admit that I would be devastated to lose that much money/crypto. So what's the solution? How can we keep a large crypto trading balance on an exchange for trading purposes and yet maximize our security? I would love to hear about other people's ideas on this and how others have their 'trading' crypto prepared for trading in a safe way.
Thanks everyone for all your replies and let's continue to help each other figure out how we can trade crypto and at the same time, maintain our security... if that's even possible?
CryptoJohno
