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Author Topic: Coinbase--'Newly adopted Policy'  (Read 693 times)
bgibso01
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August 13, 2015, 01:51:43 AM
 #1

Anyone happen to know what this may be?  I've been a Coinbase user since they first opened.  They notified me today that they are shutting my account down due to me having transactions from my Coinbase wallet to my Blockchain wallet that I use to fund my Skyhook BTM.  I'm guessing they feel I am a MSB since I exchange bitcoins for USD.

According to FinCEN, I am not a MSB because they are my bitcoins and I'm transferring them straight to another person and not to a third party.  What really blows about all of this is that I tried to do everything correctly (ie talked to FinCen, talked to State Regulators, etc) plus if I hadn't labeled my transactions as 'xfer to skyhook' they would not have said anything.

If I'm out in left field let me know, because I really am trying to keep everything legit.
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RustyNomad
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August 13, 2015, 08:59:11 AM
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Sorry to hear but this is precisely the reason why I use a Trezor with Electrum.

As long as your wallet is held by a third party you will have to dance to the tune of such third party whether you like the tune or not.
bgibso01
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August 13, 2015, 06:26:20 PM
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Sorry to hear but this is precisely the reason why I use a Trezor with Electrum.

As long as your wallet is held by a third party you will have to dance to the tune of such third party whether you like the tune or not.

No problem with the wallets.  It's obtaining more bitcoin from other sources than mining.  Not a huge issue for me since I have other projects to work on, but it does eliminate a source of bitcoin funding.  Maybe in the future there will be better understanding and acceptance of bitcoin.
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