Coinbase freezing funds because there's no official documents of betting.

[Hazink]

Yeah I will still call it free money for Coinbase because they aren't really doing anything for it except for putting the terms and conditions.
I mean, yeah their team has to go through the source of funds and all but not as if they are putting in sweat to earn that money.
Just putting up a notice doesn't mean anyone has the right to use someone else's money.

It will only be free money for Coinbase if the guy who won that money gives up on the case. If not, is the only crime committed was using fake ID with a lawyer, they can legally fight it in court and win against Coinbase and whatever document that's needed upon request casino can provide all the betting history including deposit and withdrawal, that money is too big for Coinbase to swallow it unnoticed and even if the case doesn't favour the gambler Coinbase might still lose possession of that money since it will be linked to what ever that will make the court denial them ownership or right to claim it.

[stompix]

No mate, this fund will not be stuck in Coinbase's pocket for life or forever. That's just not how it works. But for that specific user situation is extremely complicated. But Coinbase will not be able to enjoy that money with themselve. Since this is gross violation of AML and fake identity. if any case develop, American law enforcement agency will bring court order to seize these fund. When court confirm that money was generated through fake ID, money laundering or restriction bypassing then funds will be seized and transferred to US Government or Treasury account at end of the process.

Why do people who have no clue how the laws work in a country talk so high and mighty about what's going to happen like they are the judge there!
Seriously, STOP with the nonsense!

There was no money laundering.
The funds are not illicit funds, they were won fair and square.
Using a fake ID while accessing a service outside the jurisdiction of the US is not a crime if that's a fake, non-existent person on that ID.

Stop with the four lines of bs! Stop!

When someone is using fake ID when they are depositing nearly a million dollars, there's no change in hell that it's not tax evasion.

Someone is using a fake ID to bet on Stake, lose, according to his betting history more than two million, and all this is a... money laundering, according to people like you.
I'm genuinely curious how you manage to live from day to day. Do you have a piece of paper in your pocket with instructions like " breathe out, breathe in" eat or you're going to starve, and stuff like that?

And don't go asking me a bunch of stupid questions (like what is offense/criminal money/illicit funds/etc.) - the sort of thing every troll does when they have nothing to say and are trying to shift the topic of discussion. Just use google.

I think we're wasting time with these; they are beyond redemption!
They were caught being stupid, and they don't want to acknowledge it despite digging their own pit to retarded all the way!

[Fiasem20]

The problem is that someone people only see the need to keep financial records only when a bank starts asking questions, while in reality they’re meant to treat it as part of managing their money. It’s possible for one to earn money legitimately for several years but still find it difficult to explain one particular transaction if they fail to keep an accurate record of where the money came from. And it gets even more complicated when money passes through different accounts or when the money comes from different sources like business incomes, salaries, profits from investments, even winnings from gambling. When we say prioritize keeping your financial records, we are not saying expect the bank to suspect you, but it’s more about being prepared to explain whenever the need arises the sources of your money.

Maybe the user only stated that he got that kind of money from gambling winnings and probably he didn’t provide an in-depth history of deposits and withdrawals he has made from gambling.Most people don’t take some little things serious till it get out of hand,now the user can’t even defend the source of the funds and coinbase would really want to trace down the legitimacy of the gambling winnings he claimed to have made.According to the Op it’s good to have a screenshot of every transaction you’ve made whether it was a win or a deposit,because incase the platform think you’re laundering funds you would be able to defend yourself through the screenshot of the transactions you made and if they insist on you giving them further proof of how legitimate your winnings are that’s when you’ll involve a lawyer if only your winnings and deposit are legitimate and traceable.Lastly,don’t underestimate the importance of keeping record of every payment details you’ve received.

[Dogedegen]

I feel like Coinbase freezes my account every time I make a large deposit. I always just think to myself that it can’t hurt them to try, but luckily I am not hiding anything so can provide documents when asked, which has been several times. Usually it is just a minor inconvenience, but always a little scary.

That seems like the sensible thing from them to do, even more if in the case like this the money comes from an area that is known for being used for committing money laundering. Nobody likes when something like that happens to them, with exchanges or even with banks but that is why it is important to keep good documentation at all times and never to be involved in things that the service does not allow. If an exchange or bank does not accept gambling for some reason, it is best not to try to hide it or try to manipulate the bank in some way but to accept it or find another service that does.

Absolutely especially when a trader holds such a large amount of capital in cryptocurrency. I often see people with relatively small crypto holdings worrying that they need to report to various regulatory bodies, explain the source of their funds, and so on. But when we’re talking about the equivalent of hundreds of thousands of dollars, the OP’s situation shouldn't come as a surprise at all; transactions of that magnitude immediately raise a host of questions starting with the "where from" and "where to," as well as the origin of the funds themselves.

A lot of folks sometimes confuse regulatory reporting with being suspected for a crime. I mean it’s normal for a financial institution to detect large transactions, especially when the transaction is way out of your usual transaction amounts and then seek to know what prompted such transactions, I mean that’s one of the disadvantages of using decentralized platforms and it’s actually nothing new you know.

Yeah that is part of the AML and KYC policies, there are many risk factors that are looked at and one is if you start having unusually large transactions compared to your normal holdings. I think since a lot of us don't have real experience with such a case and documentation it is even more scary until you get through it, but it should not be an issue if your funds are clean. But in this case there are many red flags relating to the gambling so I don't know if it will turn out as the user hopes.

[pawanjain]

It will only be free money for Coinbase if the guy who won that money gives up on the case. If not, is the only crime committed was using fake ID with a lawyer, they can legally fight it in court and win against Coinbase and whatever document that's needed upon request casino can provide all the betting history including deposit and withdrawal, that money is too big for Coinbase to swallow it unnoticed and even if the case doesn't favour the gambler Coinbase might still lose possession of that money since it will be linked to what ever that will make the court denial them ownership or right to claim it.

Makes sense. If they take it to the court then the court will probably confiscate the money from Coinbase and then put it to government use if the case goes against the user.
If the user is able to somehow win the case then he might get all his money back though.

It is interesting, however, to see exactly how they handle such funds; I hope they don't simply book them as profit, as that would make it look like they are confiscating assets to boost their own performance figures. Ideally, exchanges should earn enough revenue without making a habit of this practice; otherwise, they risk destroying their reputation and eroding trust, which could ultimately undermine or even ruin their business. I am not saying they shouldn't identify such accounts, but they ought to avoid overstepping their authority.

True that. Even I have always wondered how come such sites simply keep that money.
There should be some official process to deal around with such kind of money and the process should be transparent.

[Peanutswar]

So you basically doing an activity with the gambling casino and use the address of the exchange of your withdrawal?

I guess this process will be considered as flagged by the exchange, which is I do recommend this process because most of the time they flag the coins as unsafe, the same as using an exchange such as swapping I do not recommend direct funds will be the address of the exchange.

We keep saying that we dont prefer to store funds in the Coinbase and now what's their feedback is this their final decision? This was still huge amount. I used to experience of lock funds with exchange before so im afraid to commit the same mistake too of direct transfer.

[Oyoyoma_yu]

Sometimes, when money is huge in an exchange, they make proper founding to ensure they money is genuinely released to the rightful owner. Also when the source of crediting your wallet is suspicious, they look at you as a scammer, and may not release your fund so easily. In this kind of situation, if you have provided every necessary evidence, and the exchange seems not to see the truth in what what you are really saying, you have to take them up, possibly litigate the exchange. People make good money from gambling, and you have shown them how those money is being credited there they definitely have to release your fund otherwise they will use it for themselves if you can't recover it from them.

[KTChampions]

~

And don't go asking me a bunch of stupid questions (like what is offense/criminal money/illicit funds/etc.) - the sort of thing every troll does when they have nothing to say and are trying to shift the topic of discussion. Just use google.

I think we're wasting time with these; they are beyond redemption!
They were caught being stupid, and they don't want to acknowledge it despite digging their own pit to retarded all the way!

Yep. I actually regret the loss of nerve cells more than the time, if they didn't want to communicate in good faith, then it was my mistake to keep trying. Actually, I had already finished my participation in the thread, but then Iranus tagged me, I got angry and responded to both of them at once. Anyway, I’ve had enough - the Champions League is coming up, so I’d be better off looking for a good game to bet on.

P.S. I’m waiting for participation in signature campaigns to be labeled money laundering too - after all, we use pseudonyms here and haven't gone through KYC! 

[xenomorfo]

Sometimes, when money is huge in an exchange, they make proper founding to ensure they money is genuinely released to the rightful owner. Also when the source of crediting your wallet is suspicious, they look at you as a scammer, and may not release your fund so easily. In this kind of situation, if you have provided every necessary evidence, and the exchange seems not to see the truth in what what you are really saying, you have to take them up, possibly litigate the exchange. People make good money from gambling, and you have shown them how those money is being credited there they definitely have to release your fund otherwise they will use it for themselves if you can't recover it from them.

Yes but i don't understand one thing, sorry sometimes it's always really stupid: why rely on third parties instead of using bitcoin yourself? It doesn't make sense, we really fought and workd so hard to have a payment method without needing others and we re-trust ourselves to the same thieves?