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

[Smack That Ace]

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. 

I received their 2nd update early this morning. And as announced before, my account will be limited to a number of services and I can only use one service, sending and receiving. Although, I also rarely use Coinbase and have not been supported by them to use services like buying and selling before. If anyone is using Coinbase for the purpose of sending funds this shouldn't cause any harm, but I don't think many people will still be using it today.

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[Oshosondy]

I received their 2nd update early this morning. And as announced before, my account will be limited to a number of services and I can only use one service, sending and receiving. Although, I also rarely use Coinbase and have not been supported by them to use services like buying and selling before. If anyone is using Coinbase for the purpose of sending funds this shouldn't cause any harm, but I don't think many people will still be using it today.

That is not clear to me, what I saw is sending of funds, nothing like receiving, maybe it probably means sending and receiving, but I will advice anyone that wants to use Coinbase.com with this message to first use very small amount of money that is more than the minimum amount to receive if inccuded in their ToS.

If no one tested this among us, I will test it with little amount of money and see if I will be able to receive the money, and later also send it back.

I too was only limited to sending and receiving before, I was unable to use Coinbase Pro and also not able to buy and sell on Coinbase.com which is the one we are talking about now.

Even if I tested this, it is just for us to know what is going on. I will wait to know if I will receive the second message too before testing it. But we should know that Coinbase.com is a custodial wallet which are not advisable at all, the best is to go for noncustodial wallet to be able to have complete control over your own coins.

[Potato Chips]

I received their 2nd update early this morning. And as announced before, my account will be limited to a number of services and I can only use one service, sending and receiving. Although, I also rarely use Coinbase and have not been supported by them to use services like buying and selling before. If anyone is using Coinbase for the purpose of sending funds this shouldn't cause any harm, but I don't think many people will still be using it today.

That is not clear to me, what I saw is sending of funds, nothing like receiving,

Same thought, plus it would make sense if send-only accounts are not able to receive. This is because coinbase is disabling users access to their entire custodial services hence placing accounts on send-only means people would only be able to do one thing - take their funds out to effectively leave the exchange. However, seeing how there seems to be no restriction for you all, perhaps we need to watch this for a few more days as JeromeTrash pointed out.

For this, I'm hoping it would be similar to binance's withdraw only accounts. Users are able to send their funds out just fine but they wouldn't be able to view their deposit addresses to avoid unwanted incidents.

[BitMaxz]

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.

I receive an email from them and yes I'm an inactive user but I still have some coins in their wallet I think even if you have a balance there if you are an inactive user you will receive this email. Look at this email that I receive from them.

Code:

Hello,
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.
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

I also receive a new email today here's the content.

Code:

Hello,
This is regarding your account linked to BitMaxz@gmail.com.
As previously communicated, access to Coinbase.com and the Coinbase app will now be limited to only sending funds.
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.
We may be able to open up more Coinbase services to you again in the future. We will reach out to you with next steps regarding your account in the coming months.
Thank you for your understanding.
Regards,
The Coinbase Team

As you can see they do allow us to send our funds out from their wallet but the problem is they didn't mention if it requires KYC because when I tried to withdraw some coins from their wallet before they ask for KYC before you can able to withdraw BTC.

[PX-Z]

I received such email as well. But nevermind i never used coinbase wallet ever since, i think i just made that account to explore things when someone asked me about the wallet. That time is when the scammers are rampant in social media offering sheyts.

[DaveF]

I did not get one, I feel so left out :-)

But, seriously as I posted last week they have done this on and off since they existed. Why do we talk about it every time?
Their list of prohibited use is long and keeps getting longer: https://www.coinbase.com/legal/prohibited_use

They obviously want a certain type of customer. Those that do things their way and only their way.
That's fine, it's their business they can run it how they like.

We as customers have many choices of services to use. We don't need Coinbase, and they obviously feel they don't need a bunch of us.

-Dave

[Oshosondy]

As you can see they do allow us to send our funds out from their wallet but the problem is they didn't mention if it requires KYC because when I tried to withdraw some coins from their wallet before they ask for KYC before you can able to withdraw BTC.

I was guessing it would be something about KYC. There has been many times that I will forget my password, forgot password was the option I went for today to login. Before, my account recovery was through either email or phone number, but I was surprised to see KYC verification as the third option today, that has been the time I have been thinking the restriction is pertaining to KYC. But it is really making sense as they indirectly notify their users if it is pertaining to KYC.

[Smack That Ace]

I received their 2nd update early this morning. And as announced before, my account will be limited to a number of services and I can only use one service, sending and receiving. Although, I also rarely use Coinbase and have not been supported by them to use services like buying and selling before. If anyone is using Coinbase for the purpose of sending funds this shouldn't cause any harm, but I don't think many people will still be using it today.

That is not clear to me, what I saw is sending of funds, nothing like receiving,

Same thought, plus it would make sense if send-only accounts are not able to receive. This is because coinbase is disabling users access to their entire custodial services hence placing accounts on send-only means people would only be able to do one thing - take their funds out to effectively leave the exchange. However, seeing how there seems to be no restriction for you all, perhaps we need to watch this for a few more days as JeromeTrash pointed out.

For this, I'm hoping it would be similar to binance's withdraw only accounts. Users are able to send their funds out just fine but they wouldn't be able to view their deposit addresses to avoid unwanted incidents.

I just checked my account, and your suspicions are correct. They only allow me to send my BTC and do not allow me to receive BTC. That means they don't want us to use their services anymore, and we can just move all our assets to another wallet. Currently, wallets like coinbase and blockchain do not have too many users, and with this policy, they will lose all customers in the near future.