Seems that bitcoin has just caused all these big companies alot of havoc in their daily operations.
And coinbase is in the business of bitcoin so you know they are ruined now. Their reputation is out the window with their customers and in the eyes of any other company which want to do business with them.
Topic: Coinbase NOT Regulated - No reply to Account Closure - Is Coinbase a scam? (Read 2879 times)
June 15, 2017, 09:15:09 AM
June 13, 2017, 12:53:31 PM
Happened to me as well. I just bought bitcoins with my VISA card using their platform. I also traded a bit: btc/eur. I never connected my bank account because i never felt the need to do so. Fortunately i could send away my BTC to another wallet but my EUR that i had left there are basically frozen since i never connected an account.
I have emailed them, lets see how they will handle this. I hope they will at least answer to my email.
I have emailed them, lets see how they will handle this. I hope they will at least answer to my email.
November 27, 2016, 06:36:01 PM
Keep a couple wallets instead of having all of your bitcoin in one wallet, then if something happens to that wallet it isn't a big deal for you.
November 27, 2016, 10:42:23 AM
oh..
I'm using this wallet.
now I need to move for a trusted wallet.
I'm going for xapo wallet if its safe.
I'm using this wallet.
now I need to move for a trusted wallet.
I'm going for xapo wallet if its safe.
July 25, 2016, 11:54:06 AM
What state are you in? Perhaps there's some regulation that'll cover you there but you might be hard pressed to get anyone interested.
They probably think their rules are just as irritating as you do but their hands are tied on that one. Have you sent support a message regarding your account details?
They probably think their rules are just as irritating as you do but their hands are tied on that one. Have you sent support a message regarding your account details?
July 25, 2016, 09:24:20 AM
Terms of service usually dictate that a platform has this option, so I wouldn't be surprised at this. I'm glad they aren't denying you access to your funds, and that means you probably weren't doing anything illegal, just something they don't like. Lesson learned, manage your own wallets offline, and use wallets that only you hold the keys to.
Take this to Reddit if they keep ignoring you. They are sensitive about their brand; someone will come out of the woodwork to respond.
Take this to Reddit if they keep ignoring you. They are sensitive about their brand; someone will come out of the woodwork to respond.
July 24, 2016, 08:21:39 PM
Okay, so let's assume the guy broke one of their rules. That is still no reason for them not to answer his emails, they could at least reply and explain why they had to close his account and allow him to withdraw his funds 
They did the same thing to me. They're not going scamming, but it's definitely shitty service, and that has nothing to do with KYC or any of that. Somehow I don't think a business that treats its customers like that is going to stay operational. And I shant shed a tear when they do buckle. 
July 24, 2016, 06:39:41 PM
Okay, so let's assume the guy broke one of their rules. That is still no reason for them not to answer his emails, they could at least reply and explain why they had to close his account and allow him to withdraw his funds
You also have to assume he was telling all the story in his post.
July 24, 2016, 06:22:40 PM
Rule number 1. Don't use Coinbase as your online wallet provider. Never. There are far better option even in the online wallets department for example: blockchain.info
Rule number 2. The vast majority of problems people has with Coinbase is from breaking rules of their ToS. Gambling, refusal of sending KYC documents, suspicious activity - Ponzi, HYIPs etc.
Rule number 3. Even if you are for example doing something like this: buying BTC on Coinbase for the specific purpose of reselling them - it's simple trading you think.
but it is like you're operating an unlicensed money transmitter business - which is direct violation of Coinbase's ToS.
and many, many more.
Rule number 2. The vast majority of problems people has with Coinbase is from breaking rules of their ToS. Gambling, refusal of sending KYC documents, suspicious activity - Ponzi, HYIPs etc.
Rule number 3. Even if you are for example doing something like this: buying BTC on Coinbase for the specific purpose of reselling them - it's simple trading you think.
but it is like you're operating an unlicensed money transmitter business - which is direct violation of Coinbase's ToS.
and many, many more.
July 24, 2016, 12:51:50 PM
I was reading some poker forums today and someone mentioned they were warned by Coinbase for sending payments to a poker site.
Is there any chance OP was using Coinbase account to send to gambling sites?
(If we even hear from OP again, since it seems like he stopped responding to this thread.)
Is there any chance OP was using Coinbase account to send to gambling sites?
(If we even hear from OP again, since it seems like he stopped responding to this thread.)
July 21, 2016, 02:05:00 PM
Okay, so let's assume the guy broke one of their rules. That is still no reason for them not to answer his emails, they could at least reply and explain why they had to close his account and allow him to withdraw his funds
July 21, 2016, 09:15:44 AM
Yes I would be very interested to know what you were using this Coinbase account for.
Did any of the accounts you used for funding get closed- like someone disputing a credit card charge etc?
Was it attached to a bank account?
I feel like it would be much more likely for this to get your account closed, since it would be hard for them to prove that an address you sent coins to was doing something illegal.
(Is it possible to prove that a BTC address is being used for illegal purposes?)
I've never had any problem with Coinbase so far.
Did any of the accounts you used for funding get closed- like someone disputing a credit card charge etc?
Was it attached to a bank account?
I feel like it would be much more likely for this to get your account closed, since it would be hard for them to prove that an address you sent coins to was doing something illegal.
(Is it possible to prove that a BTC address is being used for illegal purposes?)
I've never had any problem with Coinbase so far.
July 20, 2016, 03:20:26 PM
Apparently Coinbase closes accounts without any reason given.
I have been trading on Coinbase since their inception and on July 13th, 2016 I was emailed that my account was closed
I have sent requests for an explanation almost every day with NO reply.
When I log into my account I get a screen that says:
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 [email protected].
It says I must withdraw my funds to my bank account. The only problem is, I can't access my account to make the withdrawal!
I contacted FINcen as Coinbase touts they are regulated by them but it seems that FINcen is NOT a regulatory body as I received this reply from them:
Mr. XXXX:
Thank you for your inquiry. Please note that Coinbase is registered with FinCEN as a money services business (specifically, a money transmitter.) The inclusion of a business on the MSB Registrant Search Web page is not a recommendation, certification of legitimacy, or endorsement of the business by any government agency.
The MSB Registrant Search Web page (https://www.fincen.gov/financial_institutions/msb/msbstateselector.html), which is updated on a weekly basis, contains entities that have registered as Money Services Businesses (MSBs) pursuant to the Bank Secrecy Act (BSA) regulations at 31 CFR 1022.380(a)-(f), administered by the Financial Crimes Enforcement Network (FinCEN).
Information contained on that site has been provided by the MSB registrant. FinCEN does not verify information submitted by the MSB. Information provided on this site reflects only what was provided directly to FinCEN. If an error or incomplete information is detected on this site, the registrant should follow the appropriate instructions for correcting a Registration of Money Services Business (RMSB) form.
Regardless of whether this entity is registered with FinCEN, you must perform your own due diligence to ascertain its legitimacy. You may wish to contact your local BBB or State Corporation Commission for this purpose.
FinCEN’s Resource Center
So if Coinbase is not regulated, who do I file a complaint with?
Coinbase is starting to sound like a smoke and mirrors scam to me
JCT
I have been trading on Coinbase since their inception and on July 13th, 2016 I was emailed that my account was closed
I have sent requests for an explanation almost every day with NO reply.
When I log into my account I get a screen that says:
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 [email protected].
It says I must withdraw my funds to my bank account. The only problem is, I can't access my account to make the withdrawal!
I contacted FINcen as Coinbase touts they are regulated by them but it seems that FINcen is NOT a regulatory body as I received this reply from them:
Mr. XXXX:
Thank you for your inquiry. Please note that Coinbase is registered with FinCEN as a money services business (specifically, a money transmitter.) The inclusion of a business on the MSB Registrant Search Web page is not a recommendation, certification of legitimacy, or endorsement of the business by any government agency.
The MSB Registrant Search Web page (https://www.fincen.gov/financial_institutions/msb/msbstateselector.html), which is updated on a weekly basis, contains entities that have registered as Money Services Businesses (MSBs) pursuant to the Bank Secrecy Act (BSA) regulations at 31 CFR 1022.380(a)-(f), administered by the Financial Crimes Enforcement Network (FinCEN).
Information contained on that site has been provided by the MSB registrant. FinCEN does not verify information submitted by the MSB. Information provided on this site reflects only what was provided directly to FinCEN. If an error or incomplete information is detected on this site, the registrant should follow the appropriate instructions for correcting a Registration of Money Services Business (RMSB) form.
Regardless of whether this entity is registered with FinCEN, you must perform your own due diligence to ascertain its legitimacy. You may wish to contact your local BBB or State Corporation Commission for this purpose.
FinCEN’s Resource Center
So if Coinbase is not regulated, who do I file a complaint with?
Coinbase is starting to sound like a smoke and mirrors scam to me
JCT
Take a look at Coinbase terms of service you agreed to when you opened your account, did you use any prohibited services?
July 20, 2016, 03:05:58 PM
Why are they doing such a silly thing? When some people were saying that coinbase was scam, I thought they were wrong, but as it seems, nowdays many people says the same. I don't know what to say, it's usa based and has many user, so why are they doing that? It will be bad for their reputation and faith.
July 20, 2016, 10:44:34 AM
Apparently Coinbase closes accounts without any reason given.
I have been trading on Coinbase since their inception and on July 13th, 2016 I was emailed that my account was closed
I have sent requests for an explanation almost every day with NO reply.
When I log into my account I get a screen that says:
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 [email protected].
It says I must withdraw my funds to my bank account. The only problem is, I can't access my account to make the withdrawal!
I contacted FINcen as Coinbase touts they are regulated by them but it seems that FINcen is NOT a regulatory body as I received this reply from them:
Mr. XXXX:
Thank you for your inquiry. Please note that Coinbase is registered with FinCEN as a money services business (specifically, a money transmitter.) The inclusion of a business on the MSB Registrant Search Web page is not a recommendation, certification of legitimacy, or endorsement of the business by any government agency.
The MSB Registrant Search Web page (https://www.fincen.gov/financial_institutions/msb/msbstateselector.html), which is updated on a weekly basis, contains entities that have registered as Money Services Businesses (MSBs) pursuant to the Bank Secrecy Act (BSA) regulations at 31 CFR 1022.380(a)-(f), administered by the Financial Crimes Enforcement Network (FinCEN).
Information contained on that site has been provided by the MSB registrant. FinCEN does not verify information submitted by the MSB. Information provided on this site reflects only what was provided directly to FinCEN. If an error or incomplete information is detected on this site, the registrant should follow the appropriate instructions for correcting a Registration of Money Services Business (RMSB) form.
Regardless of whether this entity is registered with FinCEN, you must perform your own due diligence to ascertain its legitimacy. You may wish to contact your local BBB or State Corporation Commission for this purpose.
FinCEN’s Resource Center
So if Coinbase is not regulated, who do I file a complaint with?
Coinbase is starting to sound like a smoke and mirrors scam to me
JCT
I have been trading on Coinbase since their inception and on July 13th, 2016 I was emailed that my account was closed
I have sent requests for an explanation almost every day with NO reply.
When I log into my account I get a screen that says:
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 [email protected].
It says I must withdraw my funds to my bank account. The only problem is, I can't access my account to make the withdrawal!
I contacted FINcen as Coinbase touts they are regulated by them but it seems that FINcen is NOT a regulatory body as I received this reply from them:
Mr. XXXX:
Thank you for your inquiry. Please note that Coinbase is registered with FinCEN as a money services business (specifically, a money transmitter.) The inclusion of a business on the MSB Registrant Search Web page is not a recommendation, certification of legitimacy, or endorsement of the business by any government agency.
The MSB Registrant Search Web page (https://www.fincen.gov/financial_institutions/msb/msbstateselector.html), which is updated on a weekly basis, contains entities that have registered as Money Services Businesses (MSBs) pursuant to the Bank Secrecy Act (BSA) regulations at 31 CFR 1022.380(a)-(f), administered by the Financial Crimes Enforcement Network (FinCEN).
Information contained on that site has been provided by the MSB registrant. FinCEN does not verify information submitted by the MSB. Information provided on this site reflects only what was provided directly to FinCEN. If an error or incomplete information is detected on this site, the registrant should follow the appropriate instructions for correcting a Registration of Money Services Business (RMSB) form.
Regardless of whether this entity is registered with FinCEN, you must perform your own due diligence to ascertain its legitimacy. You may wish to contact your local BBB or State Corporation Commission for this purpose.
FinCEN’s Resource Center
So if Coinbase is not regulated, who do I file a complaint with?
Coinbase is starting to sound like a smoke and mirrors scam to me
JCT
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