Coinbase planning to close accounts of certain users on 9th April?

[JeromeTash]

Has anybody here received this kind of email from Coinbase?

Hello,
We’re reaching out to inform you that you’ll no longer be able to access Coinbase.com or the Coinbase app starting 09 April 2023, as we’re disabling access for accounts that no longer meet our updated standards for these services.
Because your Coinbase account has a zero balance, no action is required from you.
You can still use Coinbase Wallet, our self-custody crypto wallet that gives you complete control of your crypto. Coinbase Wallet supports hundreds of thousands of tokens and decentralized apps, so you can trade crypto, collect NFTs, and much more.
Please visit the Coinbase Wallet Help Center to learn more about creating and managing a Coinbase Wallet.
Thank you for your understanding.
Regards,
The Coinbase Team

My coinbase account is verified, but I barely use it.

So many other people are experiencing the same thing as seen by the complaints on Reddit and twitter
- https://www.reddit.com/r/CoinBase/comments/12a8e4d/my_coinbase_account_is_going_to_be_restricted/
- https://mobile.twitter.com/iamClaudeGu/status/1642704155004514305

They haven't cared to even state what their updated standards of services are, No official announcement of such a thing except that email messages to some users

Even the support is confused about the whole thing

[1714533467]

1714533467

[Little Mouse]

I received the same message as well. I had an account from long ago, when I started my crypto journey, if I can remember coinbase was the only wallet I know and use lol. But these days, I barely use coinbase and I don't have a lot of balance. Maybe I have less than $0.10 worth of LTC there lol. But why are they closing the accounts? Basically, it's all of us who don't have a balance in our wallets. I think this is a pretty much stupid decision from coinbase though I can understand the necessity of this wallet has dropped which is the reason behind their step to close inactive accounts.

[OmegaStarScream]

I received the same email this morning but didn't much about it, since it's not verified and I don't even remember I last used it.

As for the support's tweet, there's also this :



Which seems to contradict the tweets you shared about them not knowing what's going on.

[stompix]

They have finally posted this on one of their Twitter accounts:
https://twitter.com/CoinbaseSupport/status/1642812200468217856
It seems like it's not about inactivity as much as again, the usual "suspicious activity".

It was weird enough, although I haven't had funds for almost two years in my Coinbase account thus zero activity I haven't received anything like this, my last email was in November informing me that they migrated all pro accounts, probably they are disabling the verified accounts with basic info? Or the ones with expired information for those that have done KYC with passports?

[DaveF]

Say it with me one more time......
Not your keys, not your coins.

Your account exists at the whim of the exchange, not saying this is good, just that it is.
Coinbase has been shutting down accounts for their own reasons for years. Nothing different with this.

And when this fades from memory, we will see another bunch of posts about it when they do it again to a different bunch of accounts for a different reason.

-Dave

[BitMaxz]

Pretty bad I have a verified account on Coinbase and have a few coins under their wallet and vault but since I stop using Coinbase for many years I think withdrawing the funds out from Coinbase will require KYC. The problem is when I created a Coinbase account before I used my father's name and ID but my father is working abroad so I guess my coins will be stuck in their wallet after April 9.

[Little Mouse]

Pretty bad I have a verified account on Coinbase and have a few coins under their wallet and vault but since I stop using Coinbase for many years I think withdrawing the funds out from Coinbase will require KYC. The problem is when I created a Coinbase account before I used my father's name and ID but my father is working abroad so I guess my coins will be stuck in their wallet after April 9.

I don't think it's affecting you at all because they aren't going to close your account if you have a balance there. Have you received the same email or not? If you have a balance, you are not supposed to receive mail from them as they stated that they are only closing the inactive accounts which don't have a balance.

Because your Coinbase account has a zero balance, no action is required from you.

This is what was written on the email. Accounts with zero balance don't include yours.

[The Sceptical Chymist]

They haven't cared to even state what their updated standards of services are, No official announcement of such a thing except that email messages to some users

Yep, but that's amazingly been their pattern of behavior for years now.  They've been nuking people's accounts without explanation since at least 2015 and likely since they opened for business.  I don't know about anyone else, but it's astounding to me that they've managed to maintain such a shitty level of customer service for such a long period of time.  That tells me the rot inside Coinbase trickles down from the top, and they probably need new management.

TL;DR:  Fuck Coinbase.

[Potato Chips]

They have finally posted this on one of their Twitter accounts:
https://twitter.com/CoinbaseSupport/status/1642812200468217856
It seems like it's not about inactivity as much as again, the usual "suspicious activity".

It was weird enough, although I haven't had funds for almost two years in my Coinbase account thus zero activity I haven't received anything like this, my last email was in November informing me that they migrated all pro accounts, probably they are disabling the verified accounts with basic info? Or the ones with expired information for those that have done KYC with passports?

I don't think it's about inactivity as well. From what it looks like, accounts who did not meet coinbase's updated standards but had a balance (probably excluding dust amounts) are gonna be limited to send-only function.

We’re reaching out to inform you that your access to Coinbase.com and the Coinbase app will be limited to only sending funds starting on 09 April 2023, as we’re disabling access for accounts that no longer meet our updated standards for these services. Your funds remain secure with us, and you’ll be able to send funds to other crypto wallets or services (subject to standard network and transaction fees), including Coinbase Wallet. Coinbase Wallet is our self-custody wallet, giving you complete control of your crypto. Coinbase Wallet supports hundreds of thousands of tokens and decentralized apps, so you can trade crypto, collect NFTs, and much more.

[dkbit98]

Has anybody here received this kind of email from Coinbase?

Maybe this one one more bad late April 1st joke 
No, I am not using Coinbase exchange, but maybe they are targeting accounts with less activity or ones they consider ''suspicious'' for whatever reason.
I understand why many people based in US like to use Coinbase, but they should really consider making a switch to dex exchanges like Bisq, or other ways of p2p trading, better late than never.

[tabas]

That standard practically saying that these users are no longer giving them money so you're all out. As they're a centralized service, they're giving the vibe of being a bank. A bank that usually requires some daily balance for you to retain your account there as well. And it seems that they've already divided their service so those users that just want to use them as a wallet, they're pushing people away from their exchange into their Coinbase wallet. That's a good riddance though, inactive users won't have funds remaining there if something blows off on them. It's like a funnel to make them users directed to their other products that need some boost.

[Smack That Ace]

I also received the same email. At first, everyone thought it was a fake email because even Coinbase support didn't know about it. But then they also made an official announcement on their Twitter. What they are doing is causing a wave of heated controversy and angering many of their users.

It can be said with this action, coinbase is digging its own grave, users are turning their backs on them, and many people are getting unreasonably locked out of their accounts and not getting any help.

https://www.reddit.com/r/CoinBase/comments/12a8e4d/my_coinbase_account_is_going_to_be_restricted/

https://www.reddit.com/r/CoinBase/comments/12a5gsv/why_coinbase_is_closing_my_account/

[JeromeTash]

I don't think it's affecting you at all because they aren't going to close your account if you have a balance there.

Even some users who have been actively using coinbase and have some balance of coins in their wallets are receiving the notification. Just check their (coinbase)  subreddit.

No, I am not using Coinbase exchange, but maybe they are targeting accounts with less activity or ones they consider ''suspicious'' for whatever reason.

That standard practically saying that these users are no longer giving them money so you're all out.

It's certainly not about less activity. Some very active users have been messaged too.

I understand why many people based in US like to use Coinbase, but they should really consider making a switch to dex exchanges like Bisq, or other ways of p2p trading, better late than never.

It's mostly crypto noobs who start up with coinbase and blockchain.info, I created the accounts in 2016. Trust me, I was once there. I had no idea what bisq or p2p trading  was 

[examplens]

Has anyone finally explained what kind of fulfilment of standards they are talking about here?

we’re disabling access for accounts that no longer meet our updated standards for these services.

I also received this email notification from them, honestly, it's not that I will miss it. I just login to my account, where everything looks completely normal as usual and there are no warnings about the future closing.
for some reason, I received two emails with slight differences. somehow they still offer their service as a wallet.

[hugeblack]

Does anyone know if listing on the stock exchange means checking the actual number of accounts you have and their growth rates? I see this on social media, as soon as it is listed on the stock exchange, it periodically freezes inactive accounts, and therefore the list of existing active accounts is evidence of the growth of the platform and not manipulation of numbers.

Regardless of the reasons, but the truth is the same, these platforms do not provide a guarantee like banks, and if people fear for their money in banks, then it is a priority to stay away from keeping your money on the platform.

[JeromeTash]

Has anyone finally explained what kind of fulfilment of standards they are talking about here?

Nobody has the clear reason to this date, and the people who received the message are still looking for answers.

for some reason, I received two emails with slight differences. somehow they still offer their service as a wallet.

I received only one.

I still wouldn't recommend anyone to use coinbase wallet for this reasons

• https://bitcointalk.org/index.php?topic=5395931.msg59958482#msg59958482
• https://bitcointalk.org/index.php?topic=5395931.msg59960230#msg59960230

Does anyone know if listing on the stock exchange means checking the actual number of accounts you have and their growth rates? I see this on social media, as soon as it is listed on the stock exchange, it periodically freezes inactive accounts, and therefore the list of existing active accounts is evidence of the growth of the platform and not manipulation of numbers.

Even recently created accounts and some active users still received the same message

[Potato Chips]

Has anyone finally explained what kind of fulfilment of standards they are talking about here?

we’re disabling access for accounts that no longer meet our updated standards for these services.

I honestly don't expect them to ever tell us anything clear since they've been closing accounts this way for years - slap a notice out of the blue and tell you to withdraw.

Yesterday I logged into Coinbase for the first time in about 4 months and was met with this message:

Unfortunately we have had to close your Coinbase account. Before your account can be closed, you will need to withdraw your bitcoin to an external wallet and any other funds to an attached bank account. Please be sure to delete any references to bitcoin addresses generated by Coinbase, as bitcoin sent to those addresses will not be retrievable once the account is closed. If you have any questions you may contact us at support@coinbase.com.

I just withdrew all of my BTC from coinbase account and now i see this error :

Unfortunately we have had to close your Coinbase account. Before your account can be closed, you will need to withdraw your bitcoin to an external wallet and any other funds to an attached bank account. Please be sure to delete any references to bitcoin addresses generated by Coinbase, as bitcoin sent to those addresses will not be retrievable once the account is closed. If you have any questions you may contact us at support@coinbase.com.

Here is there response upon logging in to a closed account:

Unfortunately we have had to close your Coinbase account. Before your account can be closed, you will need to withdraw your funds to an external wallet and any other funds to an attached bank account. Please be sure to delete any references to digital currency addresses generated by Coinbase, as funds sent to those addresses will not be retrievable once the account is closed. If you have any questions you may contact us at support@coinbase.com.

I'm a long-term customer of Coinbase. Had an account and a card with them for years with no issues. Today I received this:

Unfortunately we have to close your Coinbase account. Before your account can be closed, you’ll need to withdraw your crypto funds to an external wallet and your cash funds to a bank account associated with your Coinbase account. If you are currently enrolled in USD Coin rewards, you may want to wait up to 40 days before withdrawing funds to ensure you have received all eligible reward payouts. You will not be able to access these funds after account closure. Please take precautions when transferring cryptocurrency to an external wallet as transfers outside of Coinbase are irreversible. Please also be sure to delete any external references to cryptocurrency addresses generated by Coinbase, as funds sent to those addresses will not be accessible once the account is closed. If you have any questions you may visit https://support.coinbase.com.

No reason why, nothing. Is it common? Anyone here also dumped by Coinbase just like that?  

If they ever do due to public demand, it'll probably be something vague.

for some reason, I received two emails with slight differences.

I guess we'll know on April 9, please update us if you can  

Do you have a balance in your account? - that's not dust

[stompix]

Does anyone know if listing on the stock exchange means checking the actual number of accounts you have and their growth rates?

Not really, Meta for example is publishing those in their 10K but is doing on their own definitions of active users, if it were for Coinbase they could also do the same, judging an active user by a random time and sum, somebody who has logged, somebody who has tarded at least $100 in 90 days and so on, somebody who has a positive balance etc.

Anyhow, I've logged in to my Coinbase account again to see how it looks.
Seems like I have a  $5.4 balance from probably an airdrop or something as it's probably in some shitcoin not even shown on the main dashboard, I'm definitely not completely verified since there is one huge red banner there asking me for proof of address but still no message, no alert that my account might get disabled although it is restricted till complete KCY but it has been like that from at least June or July last years as far as I remember. So it's probably something completely random.

[JeromeTash]

I guess we'll know on April 9, please update us if you can  

This is an update. So, it is 9th April and I can still access my account via the app and web without any challenge. There seem to be no restrictions at all when I explored the account. We will see in the next few coming days.

[Oshosondy]

My reply is already late though. I also got the message:



I registered on Coinbase because I thought it was a wallet. After I knew the difference between custodial and noncustodial wallets, I moved all my money from Coinbase custodial wallet and I was not using it again till now.

I guess we'll know on April 9, please update us if you can 

This is an update. So, it is 9th April and I can still access my account via the app and web without any challenge. There seem to be no restrictions at all when I explored the account. We will see in the next few coming days.

Today is April 10, I am still able to access my Coinbase wallet account. I have no coin on the exchange since 3, 4 or more years ago. I do not want to risk my asset, I would have tried to send some coins there and try to withdraw to know what is going on but I won't.