Notorious Coinbase holding my bitcoins in name of 'Review' | Be careful

[rdbase]

Not your key not your coin,  just got non-custodain next time.

But how can you sell from non-custodian wallets? Most of my coins are in hardware wallets. But I was planning to sell some btc to take advantage of this bull run but because of this crap Coinbase I can't  

Is there any other way to buy/sell without using exchange?

There are Decentralized exchange that you hold private key like Bisq. But it's market is very limited, Did coinbase support tell you the reason why your account got freeze? They always do that once you violate there ToS. So far we have no choice on using custodial wallet like exchange since its the most convenient way to trade. Just don't let your asset stay there for a long time after you trade.

Try to coordinate to there support. They will surely release your funds once you follow there instructions.

I asked the support 'WHY' my account got under review and they replied ' currently your account is under review bla bla and explained what can be done during review bla bla'  a copy paste reply!

There is absolutely no violation as far as I know because all I did was sent some btc from my kraken account. I am already fully verified.  This extremely annoying

I have heard other users on several dice sites saying the exact same thing. With coinbase suspending their accounts saying they are sending from the platform to other sites which violates their terms of service.
Which I find very ridiculous, if they can regulate what you can do with your own bitcoin.
But it is true.

If you are purchasing any bitcoin or cryptocurrency from their platform they can do whatever they want since your using their platform to do it.
Just absurd.

Not your key not your coin,  just got non-custodain next time.

But how can you sell from non-custodian wallets? Most of my coins are in hardware wallets. But I was planning to sell some btc to take advantage of this bull run but because of this crap Coinbase I can't  

Is there any other way to buy/sell without using exchange?

maybe you could sell to a trusted person here on BitcoinTalk
 https://bitcointalk.org/index.php?board=53.0

I would have to agree with philipma1957 on his suggestion if you don't have any other way to purchase bitcoin:
Find someone on the forums to do it with you, but choose a reliable cryptocurrency trader who has past transactions done in the funds you want to transact in. Such as paypal, moneygram, venmo, etc.
Just make sure they have post history here meaning not with a newbie account or someone with no trades in their profile page.

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[ChrisPop]

This is one of the risks you take when keeping coins within a centralized exchange who have custody over your holdings. Moreover I don't think that Coinbase is insured by an official authority, so the risk is there.
That's why I encourage people to hold their crypto holdings in personal wallets preferably paper or hardware wallets if you want to keep them as an investment.  

[Silberman]

This is one of the risks you take when keeping coins within a centralized exchange who have custody over your holdings. Moreover I don't think that Coinbase is insured by an official authority, so the risk is there.
That's why I encourage people to hold their crypto holdings in personal wallets preferably paper or hardware wallets if you want to keep them as an investment.  

I do not know how many times people are going to have to learn this lesson, blocking your account for no reason is even more prevalent in exchanges than what you see in banking institutions, which is why many are against centralized exchanges and centralized cryptocurrencies as we know they are going to be more oppressive than the current system we have in place so we do not have any other option but to keep our coins in a wallet only we control and use DEXs whenever we can.

[Kakmakr]

I remember back in 2017 with the last bullrun, Coinbase had these unscheduled "downtime" and at the time people blamed it on the capacity issues of the exchange. They said Coinbase did not anticipate such a high volume of signups and transaction volumes.

I think this has more to do with the manipulation of the market and also to protect their Fiat liquidity.... because they want to protect their service against a Bank run scenario... where everyone suddenly starts dumping their coins for Fiat. (taking profit from the high price) 

You would expect this from the small exchanges, not the mighty Coinbase. 

[Bergkampsballs]

I have had my account for a month and just received this email today.


"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."



Is this normal? Should I be concerned about this? They're basically stopping me from withdrawing my money into the bank account that it came from, not giving any reason and telling me they'll contact me in a few weeks when I'll be able to transfer it into a Paypal account that I don't want to transfer it into. The more I think about it, the more this doesn't seem right.

Note: I transferred about $20 worth of XRP into my Binance account yesterday and am wondering if this might be related?

Although, they seem to be implying this is fine when they say this is an available service:

"Send crypto to a wallet outside of Coinbase (for more information, see this help centre article)"

[cryptoboss2020]

I have had my account for a month and just received this email today.


"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."



Is this normal? Should I be concerned about this? They're basically stopping me from withdrawing my money into the bank account that it came from, not giving any reason and telling me they'll contact me in a few weeks when I'll be able to transfer it to Paypal, even though I don't want to do that? The more I think about it, the more this doesn't seem right.

Note: I transferred about $20 worth of XRP into my Binance account yesterday and am wondering if this might be related?

Although, they seem to be implying this is fine when they say this is an available service:

"Send crypto to a wallet outside of Coinbase (for more information, see this help centre article)"

well people get  treated dissrespectfully until they do something about it.
its easy to create the company and hide your person behind the company..if somehting goes bad ,then hey its not me but im just the part of the comapny.

its same like the bankers will say, hey its not me its bank building lol...

the company either bank buldings are not persons, only persons have liability becouse always money goes in peoples pockets.
if you lose coused by the company then your money is someones pocket.
if its me who will lose ill visit the company office right to way probably best is to visit CEO of the company. ill say thats fine mistakes are happening but take at least liability as the CEO of your company .

i would take also the lawyers with me and visit the office if i see i been dissrectfully treated.

[Bergkampsballs]

well people get  treated dissrespectfully until they do something about it.
its easy to create the company and hide your person behind the company..if somehting goes bad ,then hey its not me but im just the part of the comapny.

I've sent them a shitty email letting them know I've posted about it on forums to get advice and transferred most of my funds into a hard wallet but it's a really bad service IMO. If I hadn't bought a hard wallet I could be in a bad situation right now.

[famososMuertos]

It is bad practice where they literally grab you by the balls, it is the case where yelling does not help you, asking for help either, the only solution is that they release your balls, and you can definitely leave.

I understand you, especially when you have done your KYC, etc ... in my case it has never happened to me with a crypto exchange, but before all this crypto movement happened to me with a traditional Wallets ... my account was verified and they leave with this low-review shit.

They are old bad practices of the status quo of exchanges or CEx Wallets that are constantly repeated.

[cryptoboss2020]

well people get  treated dissrespectfully until they do something about it.
its easy to create the company and hide your person behind the company..if somehting goes bad ,then hey its not me but im just the part of the comapny.

I've sent them a shitty email letting them know I've posted about it on forums to get advice and transferred most of my funds into a hard wallet but it's a really bad service IMO. If I hadn't bought a hard wallet I could be in a bad situation right now.

well they care less you are postin on forum lol:D they are too big for you.

their words against your words ? you are we are nobody for them t be honest here

[xnarf]

"Not your keys, not your coins" - Never hold on exchanges, online wallets, etc as they have the permission to do anything with your funds.
Hope  your issue resolves 

[HabBear]

If you remember coinbase did similar kind of things on last bull run on 2017 when their webpage was just went down at the time when BTC was hitting $20k. I couldn't cash the opportunity back then because of this.

Well this is shit news, friend. Sorry to hear it. I've never had trouble with Coinbase but the most I've ever tried to withdrawal or buy at a time has been ~3BTC. I don't store my bitcoin with them, but i don't do trading either.

Obviously the $20,000 price of bitcoin today and in 2017 coinciding with this alarming actions on their part is suspicious. Do you think they could be targeting specific accounts based on balance size to keep from getting a "run on the bank"? You know, when everyone tries to sell at once and they don't have enough fiat or crypto themselves to cover the payouts.

Anyone else experiencing this "account under review" treatment?

[carlisle1]

Now you Have finally experienced and Learn the word"Not your Key,Not your Bitcoin" in which for many occasion people here Keep on Telling us Not to Leave our Crypto Inside exchange unless there is a Need for some reason.
And Yeah I remember that in 2017 Bull run there is a similar Scenario about Coinbase Holding the account for some review.
I'm trying not to think that this is With No Intention but my Malice tells me there is lol.
Anyway Please Update Us about what happen now since Bitcoin is still Bullish and you only Lose almost 2k of the Highest value last week.

[cryptoboss2020]

Now you Have finally experienced and Learn the word"Not your Key,Not your Bitcoin" in which for many occasion people here Keep on Telling us Not to Leave our Crypto Inside exchange unless there is a Need for some reason.
And Yeah I remember that in 2017 Bull run there is a similar Scenario about Coinbase Holding the account for some review.
I'm trying not to think that this is With No Intention but my Malice tells me there is lol.
Anyway Please Update Us about what happen now since Bitcoin is still Bullish and you only Lose almost 2k of the Highest value last week.

i dont agree with this not your key not your bitcoin ! if the wallet provider get fee for that as im customer then customer is king,period !!
same way the bank can tell you not your bank building not your money lol:D

this is some utter nonsense not your keys not your bitcoin it sounds like i dont know what.,

[Mike Mayor]

Why are you using coinbase, to begin with? You don't even know who you are talking to in that email yet they know where you live. Does that sound fair? Use dex exchanges I have never ever had a problem with a dex exchange and the website I use to convert to fiat never does crap like this.

Now you Have finally experienced and Learn the word"Not your Key,Not your Bitcoin" in which for many occasion people here Keep on Telling us Not to Leave our Crypto Inside exchange unless there is a Need for some reason.
And Yeah I remember that in 2017 Bull run there is a similar Scenario about Coinbase Holding the account for some review.
I'm trying not to think that this is With No Intention but my Malice tells me there is lol.
Anyway Please Update Us about what happen now since Bitcoin is still Bullish and you only Lose almost 2k of the Highest value last week.

i dont agree with this not your key not your bitcoin ! if the wallet provider get fee for that as im customer then customer is king,period !!
same way the bank can tell you not your bank building not your money lol:D

this is some utter nonsense not your keys not your bitcoin it sounds like i dont know what.,

You should learn how to speak English before vomiting this out. Please tell me how are you going to get your bitcoin back without the private key? They can tell you to piss off then what will you do?
The money in the bank isn't yours and can be seized at any time. Were you born yesterday?

"this is some utter nonsense" ok go get your bitcoins back without a privatekey. Goodluck.

[Silberman]

Now you Have finally experienced and Learn the word"Not your Key,Not your Bitcoin" in which for many occasion people here Keep on Telling us Not to Leave our Crypto Inside exchange unless there is a Need for some reason.
And Yeah I remember that in 2017 Bull run there is a similar Scenario about Coinbase Holding the account for some review.
I'm trying not to think that this is With No Intention but my Malice tells me there is lol.
Anyway Please Update Us about what happen now since Bitcoin is still Bullish and you only Lose almost 2k of the Highest value last week.

i dont agree with this not your key not your bitcoin ! if the wallet provider get fee for that as im customer then customer is king,period !!
same way the bank can tell you not your bank building not your money lol:D

this is some utter nonsense not your keys not your bitcoin it sounds like i dont know what.,

You should learn how to speak English before vomiting this out. Please tell me how are you going to get your bitcoin back without the private key? They can tell you to piss off then what will you do?
The money in the bank isn't yours and can be seized at any time. Were you born yesterday?

"this is some utter nonsense" ok go get your bitcoins back without a privatekey. Goodluck.

Not only that then he puts the example of the bank and tries to downplay our argument when we know for a fact that banks can just freeze your account for no reason, we know that during times of great economic turmoil banks take holidays that last weeks or even months and then they limit your access to money that belongs to you and in some cases they even take money from the accounts of all their clients stealing from you and then try to rationalize it, so not your keys not your coins is as relevant today as when the phrase was first uttered.

[Kupid002]

i dont agree with this not your key not your bitcoin ! if the wallet provider get fee for that as im customer then customer is king,period !!
same way the bank can tell you not your bank building not your money lol:D

this is some utter nonsense not your keys not your bitcoin it sounds like i dont know what.,

This simply means you are not in control once you are using 3rd party services like exchange they are regulated by the government and have restrictions and rules that you need to follow Everytime you are using their services. Unlike in the wallet that you own privatekey you can in or out any amount you want  without worrying what will happen and  where the funds came from since you have all the control to the wallet .

[eaLiTy]

The problem is that any ban should mean they will not provide any exchange services to you but should allow you to withdraw or at the very least send coins to an address they came from. That second option would suck for people who used coinbase address to withdraw from other services like online gambling sites but would be at least partially fair.

Stealing client funds is never the right way. I stopped using them a while ago after reading of people who had similar beefs with them.

If an account is banned you will never receive the funds and all of the services hold on to that funds until there is a scam accusation against them which forces them to do what is necessary and logical and we have seen that instance several times and there are situations when we provide all the documents necessary and it will take a long time to get our funds or the accounts unlocked. The only solution is to identify all these sites that have bad policies and avoid them altogether.

[omone1]

I will never use coinbase to store my asset. I love a non-custodian wallet and I control the keys. No one will review my identity by holding unto my precious digital gold, no way. A friend has similar experience, they promise to refund his USD, and not bitcoin which he used the USD in buying. BTC has since mooned, but USD may be refunded as at when sent and not benefit from the Btc bull run.

[Zionatin]

Why are you still using coinbase if they did a similar thing to this during the 2017 bull run. I had no idea they did that. I can't believe people are still using them years after that happened.
It's hard to feel sorry for someone who uses an exchange they know is no good. Sound scammy. I will never use CEX for this exact reason. DEX is much better and crypto-friendly, crypto was never intended to be CEX, to begin with. It just doesn't make sense to me.

[FiveStacks]

Hi i'm new to the forum and have a noob question.

I have btc with coinbase, but all of the above sounds worrying. If i transfer it all to a hard wallet, where would i then proceed to sell once the time comes? I'm aware i can use P2P and the like, but for ease would the sensible option be selling it back to the exchange anyway?

So in essence, buy btc from coinbase > place btc on hard wallet > sell back to coinbase once the time comes?