How should I cash out now that Coinbase wont allow me to?

[Bergkampsballs]

Hi,

I've got a bit of a problem in that I have a hard wallet, a Binance account and a Coinbase account which I have my crypto spread across but I've had an email from Coinbase informing me that I'm not able to deposit or withdraw money any more and I'm not allowed to exchange Crypto for FIAT. They gave no reasoning and  have not responded to my support request 2 days ago.

Considering that Binance wont allow you to withdraw money to FIAT I'm in a situation where I have no method of transferring my Crypto into Fiat and withdrawing my funds.

What would be my best option for allowing me to get my money back into my bank account should I need to?

Here's the email that I received for reference:

"Hi,

Thank you for recently creating an account with Coinbase. You'll have access to the following services on your account:

Credit Card crypto buys
Debit Card crypto buys
Crypto convert (convert one crypto into another)
Send crypto to a wallet outside of Coinbase (for more information, see this help centre article)
At this time, you're not currently eligible to receive the following services on your account:

Bank Account Deposits and Withdrawals
Crypto sells
This means that you're currently unable to sell your crypto for GBP or other fiat currency on Coinbase. We're working to enable the ability to sell crypto for fiat into your PayPal account and will contact you again in the next few weeks once that service is available to you.

Sincerely,
The Coinbase team"

[1715588602]

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[1715588602]

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[1715588602]

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[winrate.io]

Are you allowed to transfer crypto to another exchange?

[Beparanf]

Hi,

I've got a bit of a problem in that I have a hard wallet, a Binance account and a Coinbase account which I have my crypto spread across but I've had an email from Coinbase informing me that I'm not able to deposit or withdraw money any more and I'm not allowed to exchange Crypto for FIAT. They gave no reasoning and  have not responded to my support request 2 days ago.

Considering that Binance wont allow you to withdraw money to FIAT I'm in a situation where I have no method of transferring my Crypto into Fiat and withdrawing my funds.

What would be my best option for allowing me to get my money back into my bank account should I need to?

Thanks

What currency are you using? Do you try already Binance P2P trading? This is what I used to cash out my money in to Fiat. That's your best option to convert your crypto into Fiat.

You can post trade offer on other P2P exchange like localbitcoin or the bitcointalk marketplace>currency exchange. Your best choice is to trade your crypto in to PayPal, Skrill and Moneygram


Binance P2P: https://p2p.binance.com/en

[Bergkampsballs]

Are you allowed to transfer crypto to another exchange?

Yes, I have transferred most of my funds out of Coinbase to my Ledger Nano wallet for now.

[NotFuzzyWarm]

Pretty sure that Coinbase informed you of their reason in the email they sent you about this.
My guesses for why they have frozen your act are:
1. KYC is not completed - most common problem here is not sending a high-resolution scan of your ID, needs to be at least 600DPI so micro-printing on the ID can be read by them. Most phones/scanners default to 300DPI
 or
2. You have been dealing with a gambling site and sent or received BTC from one. A lot of exchanges do not allow that.
3. Are you using TOR? If so Coinbase may object to that as it hides who you are and where you are located which is yet again another part of KYC requirements.

All I can say is to keep bugging them about it and please let us know what they say...

edit: just saw your post re: restrictions. You need to complete KYC before you can exchange to/from fiat.

[Bergkampsballs]

Hi,

I've got a bit of a problem in that I have a hard wallet, a Binance account and a Coinbase account which I have my crypto spread across but I've had an email from Coinbase informing me that I'm not able to deposit or withdraw money any more and I'm not allowed to exchange Crypto for FIAT. They gave no reasoning and  have not responded to my support request 2 days ago.

Considering that Binance wont allow you to withdraw money to FIAT I'm in a situation where I have no method of transferring my Crypto into Fiat and withdrawing my funds.

What would be my best option for allowing me to get my money back into my bank account should I need to?

Thanks

What currency are you using? Do you try already Binance P2P trading? This is what I used to cash out my money in to Fiat. That's your best option to convert your crypto into Fiat.

You can post trade offer on other P2P exchange like localbitcoin or the bitcointalk marketplace>currency exchange. Your best choice is to trade your crypto in to PayPal, Skrill and Moneygram


Binance P2P: https://p2p.binance.com/en

Thanks, unfortunately they're not letting me transfer to my Paypal account either for now.

So, I could send my Crypto to Skrill or Moneygram then convert it to GBP and withdraw to my bank account from there?

[webtricks]

There are several exchanges which provide crypto to fiat withdrawal, naming few - Kraken, Gemini, Bitstamp (not endorsing any). You can check if these exchanges support your country. If yes then get your KYC done like Coinbase and sell your coins.

Alternatively, I would suggest you to use P2P Exchange for selling your coins. You can use P2P exchanges like LocalBitcoins, Bisq, LocalCryptos to sell coins directly to the reputed buyers from your country and get money in your bank account. Using P2P exchange has an advantage that you don't always have to fulfill KYC norms.

[Beparanf]

Hi,

I've got a bit of a problem in that I have a hard wallet, a Binance account and a Coinbase account which I have my crypto spread across but I've had an email from Coinbase informing me that I'm not able to deposit or withdraw money any more and I'm not allowed to exchange Crypto for FIAT. They gave no reasoning and  have not responded to my support request 2 days ago.

Considering that Binance wont allow you to withdraw money to FIAT I'm in a situation where I have no method of transferring my Crypto into Fiat and withdrawing my funds.

What would be my best option for allowing me to get my money back into my bank account should I need to?

Thanks

What currency are you using? Do you try already Binance P2P trading? This is what I used to cash out my money in to Fiat. That's your best option to convert your crypto into Fiat.

You can post trade offer on other P2P exchange like localbitcoin or the bitcointalk marketplace>currency exchange. Your best choice is to trade your crypto in to PayPal, Skrill and Moneygram


Binance P2P: https://p2p.binance.com/en

Thanks, unfortunately they're not letting me transfer to my Paypal account either for now.

So, I could send my Crypto to Skrill or Moneygram then convert it to GBP and withdraw to my bank account from there?

Yep. But you should try first binance P2P if you still have balance trap there. It's convinient to use. Check out the link I attached above before you try the other P2P platform. If you decided to used bitcointalk currency exchange section. You should hire escrow when dealing on low rank / untrusted account. Always check trust feedback before dealing to any user there.

[Bergkampsballs]

Pretty sure that Coinbase informed you of their reason in the email they sent you about this.
My guesses for why they have frozen your act are:
1. KYC is not completed - most common problem here is not sending a high-resolution scan of your ID, needs to be at least 600DPI so micro-printing on the ID can be read by them. Most phones/scanners default to 300DPI
 or
2. You have been dealing with a gambling site and sent or received BTC from one. A lot of exchanges do not allow that.
3. Are you using TOR? If so Coinbase may object to that as it hides who you are and where you are located which is yet again another part of KYC requirements.

All I can say is to keep bugging them about it and please let us know what they say...

Thanks. I opened a coinbase account a month ago, completed the KYC and had been withdrawing money out into my bank account fine up until they sent me the email (I've edited OP to include it the email for reference).

The only other place I have withdrawn anything to is my Ledger nano wallet and I sent a tiny amount of XRP (22) to my Binance account as a test transaction. It was soon after I sent that transaction that I received the email so I'm not sure if they didn't like me withdrawing to Binance for some reason or if that was just a coincidence.

I'll send them another support request email and let you know how it goes. 46 hours with no reply seems a bit long.

[Bergkampsballs]

Yep. But you should try first binance P2P if you still have balance trap there. It's convinient to use. Check out the link I attached above before you try the other P2P platform. If you decided to used bitcointalk currency exchange section. You should hire escrow when dealing on low rank / untrusted account. Always check trust feedback before dealing to any user there.

Because I haven't used P2P trading before I feel a little uncomfortable about it but I can have to look into it. I thought I would be able to just transfer my funds into my bank account from Coinbase whenever I wanted to and didn't realise that this wasn't an option on Binance.

At the moment I have no urgent need to cash out but was hoping that it would be possible to set a stop loss and convert my crypto into cash if the price starts crashing now that it's just testing the ATH. Would converting to USDT on Binance be the most sensible option if I wanted to do this? I guess I could just HODL my way through.

Are there any good and reputable exchanges that allow you to transfer to GBP then cash out? I would feel more comfortable doing it through an exchange than a P2P service for now I think. I know I probably have no reason to worry but I would like to keep things as simple as possible for now.

[Bergkampsballs]

On a side note, due to this I have transferred a lot of my funds into my hard wallet and  then transferred quite a large amount from the hard wallet into a Binance account. The transaction has taken about 3 hours so far and is still showing as unconfirmed with no ETA, I assume this is perfectly normal? The test amount that I transferred before this went into my Binance account a lot quicker.

[Bergkampsballs]

There are several exchanges which provide crypto to fiat withdrawal, naming few - Kraken, Gemini, Bitstamp (not endorsing any). You can check if these exchanges support your country. If yes then get your KYC done like Coinbase and sell your coins.

Alternatively, I would suggest you to use P2P Exchange for selling your coins. You can use P2P exchanges like LocalBitcoins, Bisq, LocalCryptos to sell coins directly to the reputed buyers from your country and get money in your bank account. Using P2P exchange has an advantage that you don't always have to fulfill KYC norms.

Thanks for the suggestions, I've just signed up for a Kraken account as it seems to support GBP.

[HabBear]

Here's the email that I received for reference:

"Hi,

Thank you for recently creating an account with Coinbase. You'll have access to the following services on your account:
...

At this time, you're not currently eligible to receive the following services on your account:
...

Sincerely,
The Coinbase team"

How long ago did you create your account?

It's not unusual to have restricted access to some trading functionality shortly after creating an account, it actually prevents kiting and fraud attacks on the financial institution because you can show a credit for a balance immediately but not yet have funding fully verified by the receiving firms account. It's a negative implication of the archaic fiat based financial payments system, which when dealing with fiat and crypto, as Coinbase does, is impossible to avoid.

Have you asked Coinbase how long the restrictions will last? Call them on the phone. It's reasonable for them to give you a time frame to expect.

Separately we've heard of some instances where accounts have been frozen but the instances are so few that it doesn't indicate some longer term nefarious activity from Coinbase. I suppose more data points need to be collected.

[Twinkledoe]

On a side note, due to this I have transferred a lot of my funds into my hard wallet and  then transferred quite a large amount from the hard wallet into a Binance account. The transaction has taken about 3 hours so far and is still showing as unconfirmed with no ETA, I assume this is perfectly normal? The test amount that I transferred before this went into my Binance account a lot quicker.

The mempool is quite busy if you check the graph (https://www.blockchain.com/explorer?utm_campaign=expnav_explorer). And if you pay low sat/byte, it may take some time. Have you checked in blockchair - https://blockchair.com/ about your transaction? You can see what priority are you in the mempool. Just enter your transaction ID and you will see why it is not yet confirmed.

[Akiko]

On a side note, due to this I have transferred a lot of my funds into my hard wallet and  then transferred quite a large amount from the hard wallet into a Binance account. The transaction has taken about 3 hours so far and is still showing as unconfirmed with no ETA, I assume this is perfectly normal? The test amount that I transferred before this went into my Binance account a lot quicker.

I also transfered my funds last day and it takes 12 hours before it confirm by the network , I use normal fee for that transaction and asking for 2.50$ but still long time to transfer from my wallet to binance.

Luckily I have balance in other exchange and convert it to xrp then send it again to binance and it's only takes seconds . I suggest to use other crypto currency if there are traffic in bitcoin  network .