Coinbase is Detaining My Bitcoin Past the Withdrawal Date

Crypto Bull

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Quote from: Darker45 on June 29, 2022, 11:11:30 PM

You've got no choice but to contact their support.

I'm afraid this is still related to the ongoing mass withdrawal from exchanges. This has caused severe liquidity problems among them to the point that a number of them were forced to implement withdrawal freeze. These are extreme measures probably adopted by exchanges, first, to avoid a worsening exchange run and, second, because their wallets are already running dry.

It appears Coinbase has a unique approach, though.

Yeah, it does kind of reek of that issue.

Crypto Bull

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Quote from: DaveF on June 30, 2022, 06:43:26 AM

Quote from: Crypto Bull on June 28, 2022, 05:57:57 PM

I bought a couple thousand dollars worth of Bitcoin from Coinbase on June 18. Some of it was available to send to my hardware wallet immediately, but $1,000 of Bitcoin was kept on Coinbase. They sent me an email claiming that I would be able to send or trade the remaining amount on June 28.

Quote from: Crypto Bull on June 29, 2022, 03:39:56 AM

I used a bank transfer (and Ledger Nano S to withdraw), but I just received an email now from Coinbase that my balance is available to withdraw. Let's see if I can do it when I try again tomorrow (after dawn).

Looking at the time of the 2nd post I would guess that it's available for withdraw after the 28th. Since coinbase is located on the west coast of the US that would have made it a little after that midnight on the 29th there.

Not 100% the same but when dealing with any institution that deals with banks I am seeing more and more the same thing. It USED to be or at least I used to see it more "You will have X available on Y date" Now it's more "You will have X available on the day after Y date" At at 12:01AM it's in your account.

-Dave

+1

DaveF

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Quote from: Crypto Bull on June 28, 2022, 05:57:57 PM

I bought a couple thousand dollars worth of Bitcoin from Coinbase on June 18. Some of it was available to send to my hardware wallet immediately, but $1,000 of Bitcoin was kept on Coinbase. They sent me an email claiming that I would be able to send or trade the remaining amount on June 28.

Quote from: Crypto Bull on June 29, 2022, 03:39:56 AM

I used a bank transfer (and Ledger Nano S to withdraw), but I just received an email now from Coinbase that my balance is available to withdraw. Let's see if I can do it when I try again tomorrow (after dawn).

Looking at the time of the 2nd post I would guess that it's available for withdraw after the 28th. Since coinbase is located on the west coast of the US that would have made it a little after that midnight on the 29th there.

Not 100% the same but when dealing with any institution that deals with banks I am seeing more and more the same thing. It USED to be or at least I used to see it more "You will have X available on Y date" Now it's more "You will have X available on the day after Y date" At at 12:01AM it's in your account.

-Dave

Findingnemo

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Quote from: Crypto Bull on June 28, 2022, 05:57:57 PM

I bought a couple thousand dollars worth of Bitcoin from Coinbase on June 18. Some of it was available to send to my hardware wallet immediately, but $1,000 of Bitcoin was kept on Coinbase. They sent me an email claiming that I would be able to send or trade the remaining amount on June 28.

Well, it's now June 28, and I tried to send the remaining Bitcoin from Coinbase to my Ledger wallet, and it tells me that I can send $0.00.

It's bad enough that Coinbase holds your Bitcoin for several days after you purchased it, which they should have absolutely no right to do, but it's downright enraging when you can't even send it when they claim that you'll be able to.

I'm now reluctant to buy more Bitcoin from these shysters (who haven't changed their antics one bit since they went public).

What do I do now to withdraw my remaining Bitcoin?

If you're buying bitcoin or any cryptocurrencies from exchanges then these things can happen and also in the past users wait for weeks before they access the Bitcoin they purchased from coinbase especially wire transfer. As everyone said you have only choice left with is to contact the support but I am sure it will take atleast couple weeks to get the actual response from a real person so yes now you have to wait and they have all the responsibility to hold anything because this is centralized.

Darker45

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You've got no choice but to contact their support.

I'm afraid this is still related to the ongoing mass withdrawal from exchanges. This has caused severe liquidity problems among them to the point that a number of them were forced to implement withdrawal freeze. These are extreme measures probably adopted by exchanges, first, to avoid a worsening exchange run and, second, because their wallets are already running dry.

It appears Coinbase has a unique approach, though.

cabron

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Why they didnt let you withdraw all of it is not making it look good but update us what happen next since you already received an email.

Dont get your hopes high yet. Wiith so many platforms failing like Celsius and Blockfi, its not surprising that many of them will prevent from happening to theirs.

BitMaxz

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Quote from: Crypto Bull on June 29, 2022, 03:39:56 AM

I used a bank transfer (and Ledger Nano S to withdraw), but I just received an email now from Coinbase that my balance is available to withdraw. Let's see if I can do it when I try again tomorrow (after dawn).

Bank transfers on Coinbase is always problematic due to bank and Coinbase regulations.
And based on their Coinbase terms usually, they complete the deposit or purchase after 3 to 5 days if it's more than that there is a conflict between the Coinbase and your bank.

That's good news since they already replied to your Email let's hope that you can now able to withdraw your funds from Coinbase to Ledger nano. Update here if you successfully transfer/withdraw them.

dkbit98

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Quote from: Crypto Bull on June 28, 2022, 05:57:57 PM

What do I do now to withdraw my remaining Bitcoin?

This could be related with country you live in, maybe they changed some rules for withdrawing coins.
I think I saw they said for Coinbase in Netherlands will ask details information about all your transactions and wallets you used, and maybe other countries are also affected.
Best thing you can do is to never keep any large amount of coins on any centralized exchanges including Coinbase.

Husires

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Try to figure out what will happen, why did they freeze your money up to 28/June and what did you do wrong? All withdrawal bans are for two reasons: either the failure to recognize you (you were logging in from a new IP address) or your violation of one of the terms of service (which is often the reason) otherwise for whom we hear for many accounts that they were suddenly frozen.

Quote from: Crypto Bull on June 29, 2022, 03:39:56 AM

I used a bank transfer (and Ledger Nano S to withdraw), but I just received an email now from Coinbase that my balance is available to withdraw. Let's see if I can do it when I try again tomorrow (after dawn).

It is best for you to ask them if you can receive payments to your bank account or change the bank you use.

Crypto Bull

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Quote from: BitMaxz on June 28, 2022, 07:29:57 PM

What payment did you use when you buy Bitcoin?
There is a possibility if you buy with a bank your transaction from the bank to Coinbase is not yet clear that is why your Bitcoin is still stuck. Maybe your bank account is not allowed to buy Bitcoin better check your bank.

What device did you use when trying to transfer your Bitcoin out from Coinbase?

If you are using PC/Laptop try to access your Coinbase account to their Android app and try to withdraw there. If it doesn't work then try to contact them and I think they will give you some reason why your remaining funds are stuck.

I used a bank transfer (and Ledger Nano S to withdraw), but I just received an email now from Coinbase that my balance is available to withdraw. Let's see if I can do it when I try again tomorrow (after dawn).

Potato Chips

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yesssir! 🫡

Try with their live support, read: How can I contact Coinbase Support?. I've never tried it but I'm assuming you would need to play around with it for a bit.

r/CoinBase also do support ticket escalation if you post in their subreddit but be warned, it is swarming with scammers.

BitMaxz

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Block halving is coming.

What payment did you use when you buy Bitcoin?
There is a possibility if you buy with a bank your transaction from the bank to Coinbase is not yet clear that is why your Bitcoin is still stuck. Maybe your bank account is not allowed to buy Bitcoin better check your bank.

What device did you use when trying to transfer your Bitcoin out from Coinbase?

If you are using PC/Laptop try to access your Coinbase account to their Android app and try to withdraw there. If it doesn't work then try to contact them and I think they will give you some reason why your remaining funds are stuck.

Bitcoin_Arena

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Quote from: Crypto Bull on June 28, 2022, 05:57:57 PM

What do I do now to withdraw my remaining Bitcoin?

Nothing... maybe try their support.

Please use p2p exchanges next time if you don't want headache, there is HodlHodl and then localcryptos

Most centralized exchanges also have p2p services like Binance, Kucoin etc. that's if you are willing to undergo KYC verification.

BitcoinGirl.Club

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Quote from: Crypto Bull on June 28, 2022, 05:57:57 PM

What do I do now to withdraw my remaining Bitcoin?

Only they can answer it. Knowing that their customer service is not exists (they do not answer) you have no way to know too.

Quote

which they should have no absolutely no right to do

People like me and you can not change anything. It's unfortunate.

Quote

I'm now reluctant to buy more Bitcoin from these shysters (who haven't changed their antics one bit since they went public).

The reputation for Coinbase is not up to good at all. Several times they shared customers' data to third party and they tried to justified it as okay for them. Next time try to avoid these thieves.

Upgrade00

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Quote from: Crypto Bull on June 28, 2022, 05:57:57 PM

It's bad enough that Coinbase holds your Bitcoin for several days after you purchased it, which they should have no absolutely no right to do, but it's downright enraging when you can't even send it when they claim that you'll be able to.

I don't think I've come across a case where a particular user is restricted from making transactions with no reasons giving. But they do have the right to hold your Bitcoins as you agreed to their Terms of Service.
Not your keys; Not your coins.

They essentially let you use your Bitcoin as you do not have custody of it.

Quote from: Crypto Bull on June 28, 2022, 05:57:57 PM

What do I do now to withdraw my remaining Bitcoin?

Only coinbase can allow you.
Have you tried contacting their support and maybe calling them out on social media?

Try the first option and wait for a reply and if that's not a satisfactory one, then you can call them out publicly.

Crypto Bull

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I bought a couple thousand dollars worth of Bitcoin from Coinbase on June 18. Some of it was available to send to my hardware wallet immediately, but $1,000 of Bitcoin was kept on Coinbase. They sent me an email claiming that I would be able to send or trade the remaining amount on June 28.

Well, it's now June 28, and I tried to send the remaining Bitcoin from Coinbase to my Ledger wallet, and it tells me that I can send $0.00.

It's bad enough that Coinbase holds your Bitcoin for several days after you purchased it, which they should have absolutely no right to do, but it's downright enraging when you can't even send it when they claim that you'll be able to.

I'm now reluctant to buy more Bitcoin from these shysters (who haven't changed their antics one bit since they went public).

What do I do now to withdraw my remaining Bitcoin?

Topic: Coinbase is Detaining My Bitcoin Past the Withdrawal Date (Read 107 times)