COINBASE now seizing accounts of Americans

[Virtual miner]

just a warning take care


The popular online Bitcoin wallet Coinbase has been routinely seizing accounts of users in Hawaii and Wyoming, effectively “stealing” their Bitcoins by locking them out of their accounts. A Natural News investigation confirms that Coinbase is citing obscure state laws in its decision to seize accounts of users in both states, yet the online wallet refuses to allow users to log in and change their state of residence if they move to another state.



http://www.govtslaves.com/bitcoin-wallet-coinbase-now-seizing-accounts-of-americans-users-rage-against-total-ripoff-as-their-coinbase-accounts-vanish/

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[Chin Cheng]

If this is true it is theft,how can a company decides to close down the account simply because they are from one particular state,they must warn the users and let them withdraw the coins and ask them not to use it rather than closing their account and stealing their coins,this is the main reason why everyone is telling to keep your coins in your own wallet and never trust any web wallets.

[just a man]

just a warning take care


The popular online Bitcoin wallet Coinbase has been routinely seizing accounts of users in Hawaii and Wyoming, effectively “stealing” their Bitcoins by locking them out of their accounts. A Natural News investigation confirms that Coinbase is citing obscure state laws in its decision to seize accounts of users in both states, yet the online wallet refuses to allow users to log in and change their state of residence if they move to another state.



http://www.govtslaves.com/bitcoin-wallet-coinbase-now-seizing-accounts-of-americans-users-rage-against-total-ripoff-as-their-coinbase-accounts-vanish/

I've read about Coinbase sending emails and posting articles about people needing to make a Bitcoin withdrawal from their website or they will lose their money because Coinbase won't allow specific states in their business any further from some specific date that they posted. Coinbase is working with the IRS so I am not surprised that they are trying to cheat people.

[EXtremeAEX]

If you are using Coinbase, you are just begging to have your Bitcoins stolen or seized. The total dollar value of Bitcoins that have so far been “stolen” by Coinbase from users in Wyoming and Hawaii is unknown, but given current Bitcoin valuations, it’s almost certainly in the tens of millions of dollars.

This seems quite nasty for such a good online wallet that is trusted by many, further more I used it so often and if this is true it would be quite disheartening to see such services drop due to greed(?). MtGox, Cryptsy, I don't want CoinBase to be the same.

On a side note, withdrawing from CoinBase is probably recommended now that all this is happening.

[hardtime]

I don't think Coinbase is going to be doing this randomly without any sort of investigation on their part, that'd simply be dumb and without any bit of reason when it comes to the law. If they were to be doing this sort of stuff, they'd probably face a ton of lawsuits and more and more regulations from state/federal governments which I highly doubt they're going to want. I think the people that are coming out saying that their accounts have been closed have actually done something shady / downright illegal with the money on their.

It's coinbases duty to ensure that nothing illegal is occuring with the money that could be laundered through them so they're really just protecting themselves.

[cr1776]

Wyoming:Coinbase suspended them Jun 24, 2016 due to state regulations:
https://support.coinbase.com/customer/portal/articles/1999937-coinbase-accounts---wyoming

Hawaii: May 1, 2017:
https://support.coinbase.com/customer/en/portal/articles/2754027-coinbase-accounts---hawaii

Both let you remove bitcoin etc from them.  While it is popular to blame coinbase, the people impacted should thank the voters in Hawaii and Wyoming:
https://blog.coinbase.com/how-bad-policy-harms-coinbase-customers-in-hawaii-ac9970d49b34

There is a lot of fiction and fantasy going around, but wouldn't it be better to read and understand at least some of it first?

[BitcoinHodler]

- the first thing negative that i heard about coinbase was them helping to catch KickAss owner by releasing all his transactions.
- second thing was the drama with the IRS and the possibility of them already giving all the information of their users to IRS.
- and now this plus all the new US laws regarding cryptocurrencies.

sometimes i pitty Americans with their laws...

and meanwhile in Japan they are becoming more and more friendly towards bitcoin and bitcoin users!

[Inmydomain]

So much for land of the free, America seem to be clamping down left, right and centre

[OSUBucks12]

I would like to give CB the benefit of the doubt here. I feel like this WOULD REALLY hurt their rep.

I find it hard to believe

[just a man]

So much for land of the free, America seem to be clamping down left, right and centre

It does not really matter though. Since Bitcoin is not a website that can only be used if the people visit a certain server the whole Bitcoin network will stay alive and if people really wanted to purchase Bitcoin then they would do so through things like LocalBitcoins, Purse, etc.

Coinbase is just looking bad for no real reason, they aren't really "For the people."

[OSUBucks12]

So much for land of the free, America seem to be clamping down left, right and centre

It does not really matter though. Since Bitcoin is not a website that can only be used if the people visit a certain server the whole Bitcoin network will stay alive and if people really wanted to purchase Bitcoin then they would do so through things like LocalBitcoins, Purse, etc.

Coinbase is just looking bad for no real reason, they aren't really "For the people."

One of my buddies got his account banned from Coinbase. Did absolutely nothing wrong. We both researched what could have happened. Found nothing.

He started going through Coinbase terms and agreements. Since he used his debit card on a online gambling site, Coinbase banned his account.

I a firm believer that coinbase doesnt just Ban account for no reason.

[johnwest]

There were many allegations on coinbase before and there will be in the future. The Wyoming and Hawai state issue is with their problem in crypto currencies. Coinbase have given them the chance to transfer their BTC and there is nothing wrong with coinbase in this issue.

[RodeoX]

Wyoming:Coinbase suspended them Jun 24, 2016 due to state regulations:
https://support.coinbase.com/customer/portal/articles/1999937-coinbase-accounts---wyoming

Hawaii: May 1, 2017:
https://support.coinbase.com/customer/en/portal/articles/2754027-coinbase-accounts---hawaii

Both let you remove bitcoin etc from them.  While it is popular to blame coinbase, the people impacted should thank the voters in Hawaii and Wyoming:
https://blog.coinbase.com/how-bad-policy-harms-coinbase-customers-in-hawaii-ac9970d49b34

There is a lot of fiction and fantasy going around, but wouldn't it be better to read and understand at least some of it first?

cr1776 bringing reason to the table. The boring truth is always such a buzz kill. 

And I like that the source is "http://www.govtslaves.com/", sounds legit. 

[k@suy]

I read report  of this kind on some bitcoin/crypto related blog but is it legit? I think this is not confirmed yet and we can brand this as speculation or something fraud is happening. Hope coindesk can address this bad news.

[ecnalubma]

If that is true, its very alarming coinbase is one of the most used wallet but now they are turning into rubbers. I used coinbase before glad that i transfered.

[Inmydomain]

So much for land of the free, America seem to be clamping down left, right and centre

It does not really matter though. Since Bitcoin is not a website that can only be used if the people visit a certain server the whole Bitcoin network will stay alive and if people really wanted to purchase Bitcoin then they would do so through things like LocalBitcoins, Purse, etc.

Coinbase is just looking bad for no real reason, they aren't really "For the people."

One of my buddies got his account banned from Coinbase. Did absolutely nothing wrong. We both researched what could have happened. Found nothing.

He started going through Coinbase terms and agreements. Since he used his debit card on a online gambling site, Coinbase banned his account.

I a firm believer that coinbase doesnt just Ban account for no reason.

Can they really view your transactions on other sites on your debit card? Without knowing a lot, this seems quite farfetched

[Kprawn]

Please change the subject field, because it does not reflect the truth. It should read, " COINBASE stop access to people from

Hawaii and Wyoming "  They cannot allow people to use their service, if the state is against it. Blame the politicians, not the service. We have seen

the same from some Gambling services too. They open themselves up to legal issues, if they do. 

[digaran]

Did you know that if you throw $1M dollars in cash into the streets people will rush and take them all?
Then you should know that if you don't have access to your private keys then you own no Bitcoin.
Did you know how babies come to this world? lol stop making me go full pervert in these situations.
Did you know earth revolves around the sun, or are you a flat earth bat shit crazy?
I've sent some Bitcoins to "investment" sites back in the day when I was a total NOOB, and I'm still hoping the scammers come around and give me back my coins.
When you are using Coinbase you are trusting your coins to them, are you always trust whatever is under your pants to strangers specially if you are a girl? you should stop doing that so people would stop calling you a whore. 3 lolz

[eternalgloom]

I don't think Coinbase is going to be doing this randomly without any sort of investigation on their part, that'd simply be dumb and without any bit of reason when it comes to the law. If they were to be doing this sort of stuff, they'd probably face a ton of lawsuits and more and more regulations from state/federal governments which I highly doubt they're going to want. I think the people that are coming out saying that their accounts have been closed have actually done something shady / downright illegal with the money on their.

It's coinbases duty to ensure that nothing illegal is occuring with the money that could be laundered through them so they're really just protecting themselves.

I don't know about that... I've had a very negative experience with coinbase holding my funds and closing my account after a couple of days because I made a deposit to a Bitcoin casino.
Just look for stories from other users that have encountered the same. I will personally never use Coinbase again, I'll just stick with Kraken and Bitstamp.

[Iranus]

Wyoming:Coinbase suspended them Jun 24, 2016 due to state regulations:
https://support.coinbase.com/customer/portal/articles/1999937-coinbase-accounts---wyoming

Hawaii: May 1, 2017:
https://support.coinbase.com/customer/en/portal/articles/2754027-coinbase-accounts---hawaii

Both let you remove bitcoin etc from them.  While it is popular to blame coinbase, the people impacted should thank the voters in Hawaii and Wyoming:
https://blog.coinbase.com/how-bad-policy-harms-coinbase-customers-in-hawaii-ac9970d49b34

There is a lot of fiction and fantasy going around, but wouldn't it be better to read and understand at least some of it first?

True.  Coinbase is not seizing accounts, nor is it doing anything particularly malicious.

However, you have to wonder what exactly happens to those coins that aren't claimed within the required period.  When people hold Bitcoin, they don't have to actively monitor it all the time - while I realise that Coinbase had little choice but to suspend Hawaiian accounts, I cringe a little to think they could be gaining a lot of money from people who didn't claim in time.  Bitcoin holders like to feel safe that they can forget for a year or two and their coins would be safe.

Did you know that if you throw $1M dollars in cash into the streets people will rush and take them all?

It's nothing like that.  A comparison that I would actually make is putting money in a bank - the intermediary is trusted more than random people on the street, but Bitcoin is supposed to get rid of these intermediaries, so I'd call it a middle ground between terrible and normal Bitcoin.