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Author Topic: Coinbase closing account. Move your fund on other wallet ASAP  (Read 56 times)
Coolcryptovator
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June 06, 2018, 03:16:03 PM
Last edit: June 06, 2018, 03:26:35 PM by Coolcryptovator
 #1

One of the best Bitcoin wallet closing member's account without any specifics reasones. They just mailed about violates their terms and condition. They are deleting account permanently. Coinbase give me chance to move my fund on other external wallet.
If you are using coinbase you should be move your fund as soon as possible. Because account delete is not normal case. I think coinbase was hacked anyhow. That's why may be coinbase required to make new account and closing old account.

For safety reasones I feel better to move your fund to any other wallet before they locked account.

I receive below mail from coinbase before deleted account:
Quote
 Hello,

Thank you for your interest in Coinbase. Our primary goal is to make digital currency 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, we believe your account has engaged in prohibited use in violation of our Terms of Service and we regret to inform you that we can no longer provide you with access to our service. 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 address.

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


Respectfully,

Coinbase Customer Support

Edit: Coinbase not giving chance to appeal.

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June 06, 2018, 03:23:40 PM
 #2

Did you try contacting them to get more information about your accounts termination?
They just refer to Terms of Service but not specific prohibited points.
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June 06, 2018, 06:07:00 PM
 #3

Please just move on. I was banned from Coinbase years ago and it hasn't affected me one bit.

1. You are better off storing your bitcoins in your own wallet. Storing them in somebody else's wallet is unnecessary and risky.
2. There are other exchanges.
3. There are other payment processing platforms.

Buy bitcoins with cash from somebody near you: LocalBitcoins
Buy stuff on Amazon at a discount with bitcoins or convert Amazon points to bitcoins: Purse.io
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June 06, 2018, 06:33:01 PM
 #4

Move your funds out to an actual wallet not an exchange platform where things of this nature can happen without warning. Then, try an alternative exchange, if you are based in the U.S. look into Gemini.

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June 06, 2018, 06:52:23 PM
 #5

Coinbase subject to the latest update in privacy laws so it will be hardened to create a new account and check old reports.
I expect that such regulations will improve the image of bitcoin and may pave the way for recognition, especially after reducing of money laundering and dodging.
On your part, the warning is right for you to convert and decide on investing in cryptocurrencies

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June 06, 2018, 07:11:16 PM
 #6

Can you be more specific about the details in your account? Like do you buy cryptocurrencies directly from Coinbase or you are mainly using Coinbase as a wallet which you only use there built-in wallet to send and recimeive cryptocurrencies. Because if its the latter then I can't imagine anyone or how I will break a terms and condition just by using their wallet for its main purpose. Also is that the whole mail? Did they state any specifics on what term did you violated?

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June 06, 2018, 09:56:08 PM
 #7

Coinbase is known to do this. Do a search on google and you'll see the number of accounts suspended by coinbase, whether it's because funds were received or sent from suspected gambling sites, or for no apparent reason at all.

At least they are allowing you to withdraw the remaining balance from your account, though I doubt it's going to be an easy process. It'll be a sticky situation to be in for anyone that wishes to stay anonymous, because some form of verification may have to be done in certain scenarios.

By storing money with any hosted third party wallet, you're giving away control of your coins.

The only reason anyone should be using coinbase is because they want to exchange fiat to bitcoin or bitcoin to fiat. No point whatsoever using it as a wallet, when not only can you do the same thing with Electrum with no counter party risk, you're also taking on the unnecessary risk of your account getting suspended or terminated by them.

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