COINBASE now seizing accounts of Americans

[ozaeri]

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.

This is an interesting question and I think it would be illegal for coinbase to profit from their users in this way. My guess is all one would have to do is send CB a a letter or email asking for a way to withdraw their funds. Otherwise I'm sure lawyers would have a field day with this.

[LilibethSantos]

Yet another reason to avoid doing financial transactions within the United States. I wonder if Kraken and other exchanges will start to bend over for Uncle Sam.

[Yakamoto]

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/

Watch the enter key, you don't need to lean on it when you're making a new thread.

I'm surprised that Coinbase is making such a move and it doesn't exactly make sense as to why they're going around and seizing accounts. It's not something that really makes sense but considering the operating history of Coinbase I want to be not surprised that they're going around and doing things like this.

I'd like to see the state laws that they're referencing. Maybe I'll dive deeper but it could relate to the recent law imposed by Congress.

[haroldtee]

This is day light robbery. Can't say what must have really caused this though but it sounds so terrible. I wonder why bitcoin users are still using coinbase with all these issues. Either server is down today, or a technical issue tomorrow, unable to access account next tomorrow and so on and so forth. Their reputation isn't really getting any good.

[MingLee]

Well, looking deeper into the story this makes sense. Although Coinbase should be allowing for users to at least remove their Bitcoin from the service and put it somewhere else, they are trying to comply with laws being passed within the respective states and there is nothing that can really be done to fix something like that.
It all comes down to seeing how much government control will be permitted within the community before everyone has enough. The various US government institutions will apparently stretch it as far as it will go, and it might result in the community becoming too apathetic to care.

[2dogs]

Yet another reason to avoid doing financial transactions within the United States. I wonder if Kraken and other exchanges will start to bend over for Uncle Sam.

This is disturbing.
Yes, are there any alternatives to coinbase that don't require all the kyc/id requirements?

[Seansky]

Yet another reason to avoid doing financial transactions within the United States. I wonder if Kraken and other exchanges will start to bend over for Uncle Sam.

This is disturbing.
Yes, are there any alternatives to coinbase that don't require all the kyc/id requirements?

You can use blockchain.info wallet if you want and also there are many wallets out there where you can store your bitcoin. The best thing to do now is to withdraw all funds from coinbase, this is a bad sign if they really started doing this. It is not good for such a good service do something like this to their customers just because they reside in Hawaii and Wyoming.

[biter66]

If the US goverment says don't allow the 2 states access then that's what that company is going to do or they will risk being shut down completely. I imagine that each member probably got a email telling them of the reverse of membership allowance and Coinbase asked them to withdraw all coin before a deadline.

[fan_of_things_and_stuff]

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

I agree, I feel like there is more to the story than this

[cAPSLOCK]

Why do people let counter parties control the private keys to their crypto?

[DOGE12321]

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 don't see as to why Coinbase would do this. They have no reason to do so. Why does it matter as to which state that you live in? If you have internet you should be able to access Coinbase. Maybe Bitcoin is banned in these areas. Or maybe it is a hack.

Is this article reliable? If it is Coinbase is literally stealing the Bitcoin off the users. Anyways, I am going to stay away from Coinbase for a while.

[gadman2]

Cherry picking individual parts of a bigger story/problem to make a company look bad.

[Yuuto]

Put this thread into either service discussion or exchanges because it's not really a discussion about bitcoin itself.

Coinbase has a history of suspending accounts but never in the history of its existence i don't think that it started to target geo-specific people, so this is a first. I know that friends of mine had their coinbase account suspended for gambling related activity and dark net market deposits, but none of them have ever experienced a problem apart from that.

Coinbase has no advantage over a normal wallet right now because you have to pay fees. If you like the convenience, download the copay wallet. It's way more secure and you don't need to trust anyone as its open source.

[Amph]

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.

they can if they find suspicious activity, maybe some of those account were stolen or they were using stolen debit card falese bank account

remember that coinbase is in touch with IRS, you can't cheat there, i think they are just investigating

[LeGaulois]

The title is misleading people into thinkinng coinbase is the one to blame. The one to blame are those states and coinbase needs to obey otherwise it can lead to some more serious problems for the company. If they are realling locking accounts because of the states i would not call it "stealing" bitcoins. Citing obscure state laws in its decision to seize accounts of users can easily be verified. I don't think coinbase would block account just for fun

[Mia Wallace]

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.

Are you serious,banning your account and taking your coins just because you used your debit card for gambling,what difference does it make for them if you are gambling with your money and not using the bitcoin stored in the site,so what was the final result,did they release the coins.

[Shiroslullaby]

Cherry picking individual parts of a bigger story/problem to make a company look bad.

Not really necessary at this point, honestly.
Coinbase doesn't need any help to look bad right now.
The company is literally falling apart.
If you have coins here move them to another wallet or exchange NOW.

[crairezx20]

Coinbase is not a good wallet right now to choose many bitcoin users are having issue about using the service of coinbase started from january they are always failing even the support can't contact them easily. it takes longer time or weeks before they can responds and we are always experience site down they are always fixing any issue every time the price increased.. so for now much better to stay away to use coinbase and if you are holding bitcoin and altcoin there better to transfer funds to other safety wallet like other said before its late..

[bluefirecorp]

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.

Yes this not the coinbase done anything wrong in this whole scenario but in fact the people used a coinbase accounts in the mentioned states shall be thankful to the coinbase that it didn’t blocked their accounts and provided them an opportunity to withdraw their coins. The rest the internal affairs of the state who have the right to decide the law and order situation.

[LLec]

If  they are seizing accounts for no reason except for baseless accusations then they deserve to get sued by their customers.
I also heard they have a class action lawsuit filed against them for unlawful practices by a few states.

This is the end of them. Yet another exchange gone by the way side.