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Author Topic: Beware of coinbase account closure!  (Read 102 times)
Findingnemo
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October 23, 2019, 03:53:08 PM
Merited by DdmrDdmr (1)
 #1

Today I got a mail from coinbase regarding my account closure due to the violation of their TOS,I am not sure what thing I did violated maybe deposit from gambling site caused this but the good this is they let me withdrew my remaining funds on to their wallet so I didn't ask their support what I did wrong,just withdrew the funds and proceeded to close my account because I rarely use coinbase wallet,so just wanted to let the people to know don't deposit any funds from gambling sites into coinbase account.

Ignore this if you guys already knew about this. Smiley


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October 23, 2019, 04:07:08 PM
Merited by Findingnemo (1)
 #2

Unfortunate. But I don't think accounts getting locked/closed due to funds coming from/to gambling sites is really nothing new.

Anyway, since you can't use Coinbase now, take this opportunity to try out the more decentralized exchanges we have right now like Bisq[1]. You probably can't instantly buy/sell bitcoin on decent prices, but you won't have any problems like what you had with Coinbase. If you aren't in a rush, just set buy/sell offers yourself.


[1] https://bisq.network/

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October 23, 2019, 04:10:46 PM
 #3

That's why many expert member here not giving recommendation to use wallets from 3rd parties who can block/ban/close your account anytime they want. If you are not a day trader, save your crypto to wallet you can control by yourself. Wallet from exchanges and wallet service such as Coinbase have the power to do anything with your account.  Save your asset to wallet, such as Electrum, Trezor etc. With this service, you can receive money from anyone, any service without limitation. And you can control your asset and withdraw anytime as you want. What you need to do just keep your private key save.

Btw, Lucky for you still can withdraw your asset. How if, while your account closed by a service provider, you can't make a withdraw?


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October 23, 2019, 04:19:57 PM
 #4

How if, while your account closed by a service provider, you can't make a withdraw?

I think it mostly depends on why the user's account was locked/closed in the first place. In this case, it makes sense for Coinbase to allow the user to get his/her money and lock up the account, but in the case of Coinbase or some other exchange thinking that your funds are probably stolen or probably laundered, there's a good chance for them to lock up the accounts and ask for the user's KYC/AML information before probably allowing the user to withdraw the funds.

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October 23, 2019, 04:22:06 PM
Merited by Findingnemo (1)
 #5

It’s quite likely that your deposits from gambling sites triggered the TOS terms to be applied to your account, leading to the account being closed:
Quote
<...>
By opening a Coinbase Account, you confirm that you will not use your Coinbase Account and/or any Coinbase Services to do any of the following:
<...>
Gambling: Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy sports leagues with cash prizes; internet gaming; contests; sweepstakes; games of chance.
https://www.coinbase.com/legal/user_agreement

Those things do not necessarily trigger immediately, but since they are outlined in the TOS, they may be activated at any time on any account that is non-compliant (strictly speaking).

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October 23, 2019, 04:32:32 PM
 #6


Anyway, since you can't use Coinbase now, take this opportunity to try out the more decentralized exchanges we have right now like Bisq[1]. You probably can't instantly buy/sell bitcoin on decent prices, but you won't have any problems like what you had with Coinbase. If you aren't in a rush, just set buy/sell offers yourself.


[1] https://bisq.network/
Thanks for the link fella,I will check it out but I guess there will be no need of DEX for now since I am trading actively on other platform and got pro trader badge. Wink
Those things do not necessarily trigger immediately, but since they are outlined in the TOS, they may be activated at any time on any account that is non-compliant (strictly speaking).
Likely,but its been a while I did used their service,only awakened when the mail pops up.

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October 23, 2019, 04:36:15 PM
 #7

Yeppers, they did the same thing to me around 2015 or so and the coins I bought never went to gambling or any other illegal or questionable wallets.  I think I've written this a dozen times:  I tried to make a small purchase of bitcoin and by accident when it got to the payment screen I clicked on a bank account that I had just closed but forgot to delete.  Obviously it was rejected, and shortly thereafter I got an e-mail similar to OP's saying they'd closed my account.  They never said exactly why and I've never used them again.

They're going to lose a hell of a lot of customers if this is their MO.  It's unfortunate, because I actually liked Coinbase--almost as much as I liked Circle back when you could buy bitcoin from them.  Sorry to hear about this, OP.

Unfortunate. But I don't think accounts getting locked/closed due to funds coming from/to gambling sites is really nothing new.
It's not new at all.  I remember hearing stories of Coinbase banishing customers for sending coins to gambling sites, no questions asked, no appeals, no nothing.  IMO that's really a crappy example of customer service.  Why should they care what you spend your bitcoins on?

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October 23, 2019, 04:42:59 PM
 #8

IMO that's really a crappy example of customer service.  Why should they care what you spend your bitcoins on?

I completely agree that people has the rights to use their money however they want(probably with some exceptions). But as far as I know these types of rules only exist on certain exchanges due to most of these exchanges operating in the United States. I don't think people have these kinds of problems with Binance. Huobi, and other non-US exchanges. This is probably just enforced by the government. I'm just guessing though.

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October 23, 2019, 05:21:03 PM
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IMO that's really a crappy example of customer service.  Why should they care what you spend your bitcoins on?

I completely agree that people has the rights to use their money however they want(probably with some exceptions). But as far as I know these types of rules only exist on certain exchanges due to most of these exchanges operating in the United States. I don't think people have these kinds of problems with Binance. Huobi, and other non-US exchanges. This is probably just enforced by the government. I'm just guessing though.
When it comes to gambling prohibitions then USA laws is the primary thing that comes to my mind.So far coinbase is the only service i do know which prohibits users to deposit out funds came from gambling sites and this is definitely due to that reason.Its just normal for a service do give out closure for those people who do violate their terms thats why
its always important to read up terms to avoid future headaches.Op is still lucky that coinbase do still give out some chance for his funds to be withdrawn.



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October 23, 2019, 06:22:27 PM
Merited by malevolent (1)
 #10

Totally gambling. Perhaps one warning would be fairer outlining why you're on probation. I'll bet most of their customers have no clue about the gambling thing.

Though it still sucks I prefer Coinbase's approach than Bitstamp. Coinbase ask you to verify and that's it, I've never heard of any additional demand for info. If they don't like what you're doing then they tell you to piss off and take your money with you.

Bitstamp hold your money hostage and ask you to deep finger your colon on cam while their office watches in silence. Then they demand documents that you wouldn't give to a court of law, let alone a bunch of anonymous Slavic emos.

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October 23, 2019, 06:35:37 PM
 #11

Today I got a mail from coinbase regarding my account closure due to the violation of their TOS,I am not sure what thing I did violated maybe deposit from gambling site caused this but the good this is they let me withdrew my remaining funds on to their wallet so I didn't ask their support what I did wrong,just withdrew the funds and proceeded to close my account because I rarely use coinbase wallet,so just wanted to let the people to know don't deposit any funds from gambling sites into coinbase account.

Ignore this if you guys already knew about this. Smiley

If it's about gambling, why Coinbase just allows withdrawals? I believed that will be a subject for checking.

During my early journey in crypto, I involved in a group of Coinbase users in a social media group (during 2015-2016, Coinbase and XAPO are the most famous web exchange, at least in my own observation that time so I found that group) wherein some of them got account closed due to gambling. Coinbase didn't allow withdrawals easily and if I remember correctly, it takes several weeks to around month before those users got access to their funds. I believed those complaints are legit because they are really mad, disappointed, etc. but in the end, they still access their funds back. Coinbase also stated their violation unlike in OP's case.

I don't know if Coinbase changed its policy from back then (well 4 years later) regarding gambling-related cases.

But whatever it is, good thing, OP got the funds back and that's what matters here.

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Findingnemo
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October 23, 2019, 08:04:56 PM
 #12

Today I got a mail from coinbase regarding my account closure due to the violation of their TOS,I am not sure what thing I did violated maybe deposit from gambling site caused this but the good this is they let me withdrew my remaining funds on to their wallet so I didn't ask their support what I did wrong,just withdrew the funds and proceeded to close my account because I rarely use coinbase wallet,so just wanted to let the people to know don't deposit any funds from gambling sites into coinbase account.

Ignore this if you guys already knew about this. Smiley

If it's about gambling, why Coinbase just allows withdrawals? I believed that will be a subject for checking.

During my early journey in crypto, I involved in a group of Coinbase users in a social media group (during 2015-2016, Coinbase and XAPO are the most famous web exchange, at least in my own observation that time so I found that group) wherein some of them got account closed due to gambling. Coinbase didn't allow withdrawals easily and if I remember correctly, it takes several weeks to around month before those users got access to their funds. I believed those complaints are legit because they are really mad, disappointed, etc. but in the end, they still access their funds back. Coinbase also stated their violation unlike in OP's case.

I don't know if Coinbase changed its policy from back then (well 4 years later) regarding gambling-related cases.

But whatever it is, good thing, OP got the funds back and that's what matters here.
So I must be a lucky baby  Shocked

Likely things changes in the years and they have different kind of proceed for different violations,my deposit amount is just negligible compared to my overal deposits but its still against it so they closed,only good thing is I was redirected to account closure page to withdrew everything remaining in my wallets,no questions,no documents they just asked to go me to go away,bit harsh but its their rules so can't argue anything more on this.

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