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

Smack That Ace

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Quote from: Potato Chips on April 10, 2023, 05:41:52 AM

Quote from: Oshosondy on April 10, 2023, 03:43:35 AM

Quote from: Smack That Ace on April 10, 2023, 03:34:36 AM

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.

Oshosondy

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Quote from: BitMaxz on April 10, 2023, 12:53:21 PM

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.

DaveF

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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

PX-Z

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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.

BitMaxz

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Quote from: Little Mouse on April 03, 2023, 11:56:59 AM

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 [email protected].
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.

Potato Chips

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Quote from: Oshosondy on April 10, 2023, 03:43:35 AM

Quote from: Smack That Ace on April 10, 2023, 03:34:36 AM

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.

Oshosondy

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Quote from: Smack That Ace on April 10, 2023, 03:34:36 AM

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.

Smack That Ace

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Quote from: Oshosondy on April 10, 2023, 03:09:02 AM

Quote from: JeromeTash on April 09, 2023, 03:56:31 PM

Quote from: Potato Chips on April 05, 2023, 08:30:52 AM

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

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.

Oshosondy

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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.

Quote from: JeromeTash on April 09, 2023, 03:56:31 PM

Quote from: Potato Chips on April 05, 2023, 08:30:52 AM

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

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.

JeromeTash

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Quote from: Potato Chips on April 05, 2023, 08:30:52 AM

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

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.

stompix

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Quote from: hugeblack on April 04, 2023, 09:38:01 PM

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.

Potato Chips

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Quote from: examplens on April 04, 2023, 05:46:25 PM

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

Quote

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.

Quote from: henryreardon on November 05, 2015, 09:45:28 AM

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 [email protected].

Quote from: apoorvlathey on March 02, 2016, 04:02:41 AM

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 [email protected].

Quote from: ChiBitCTy on January 21, 2017, 03:38:39 AM

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 [email protected].

Quote from: serveria.com on January 17, 2023, 04:12:22 PM

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? Huh

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

Quote from: examplens on April 04, 2023, 05:46:25 PM

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

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

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

JeromeTash

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Quote from: examplens on April 04, 2023, 05:46:25 PM

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.

Quote from: examplens on April 04, 2023, 05:46:25 PM

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

Quote from: hugeblack on April 04, 2023, 09:38:01 PM

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

hugeblack

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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.

examplens

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

Quote

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.

JeromeTash

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Quote from: Little Mouse on April 03, 2023, 11:56:59 AM

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.

Quote from: dkbit98 on April 03, 2023, 05:21:03 PM

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

Quote from: tabas on April 03, 2023, 06:30:41 PM

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.

Quote from: dkbit98 on April 03, 2023, 05:21:03 PM

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 Grin

Smack That Ace

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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/

tabas

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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.

dkbit98

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Quote from: JeromeTash on April 03, 2023, 09:38:49 AM

Has anybody here received this kind of email from Coinbase?

Maybe this one one more bad late April 1st joke Tongue

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.

Potato Chips

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Quote from: stompix on April 03, 2023, 10:20:10 AM

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.

Quote from: https://www.reddit.com/r/CoinBase/comments/12aaia0/whats_this_about_now_liimted_to_sending_funds/

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.

Topic: Coinbase planning to close accounts of certain users on 9th April? (Read 317 times)