Coinbase planning to close accounts of certain users on 9th April? - page 2.

The Sceptical Chymist

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

They haven't cared to even state what their updated standards of services are, No official announcement of such a thing except that email messages to some users

Yep, but that's amazingly been their pattern of behavior for years now. They've been nuking people's accounts without explanation since at least 2015 and likely since they opened for business. I don't know about anyone else, but it's astounding to me that they've managed to maintain such a shitty level of customer service for such a long period of time. That tells me the rot inside Coinbase trickles down from the top, and they probably need new management.

TL;DR: Fuck Coinbase.

Little Mouse

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Quote from: BitMaxz on April 03, 2023, 11:46:51 AM

Pretty bad I have a verified account on Coinbase and have a few coins under their wallet and vault but since I stop using Coinbase for many years I think withdrawing the funds out from Coinbase will require KYC. The problem is when I created a Coinbase account before I used my father's name and ID but my father is working abroad so I guess my coins will be stuck in their wallet after April 9.

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.

Quote

Because your Coinbase account has a zero balance, no action is required from you.

This is what was written on the email. Accounts with zero balance don't include yours.

BitMaxz

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Pretty bad I have a verified account on Coinbase and have a few coins under their wallet and vault but since I stop using Coinbase for many years I think withdrawing the funds out from Coinbase will require KYC. The problem is when I created a Coinbase account before I used my father's name and ID but my father is working abroad so I guess my coins will be stuck in their wallet after April 9.

DaveF

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Say it with me one more time......
Not your keys, not your coins.

Your account exists at the whim of the exchange, not saying this is good, just that it is.
Coinbase has been shutting down accounts for their own reasons for years. Nothing different with this.

And when this fades from memory, we will see another bunch of posts about it when they do it again to a different bunch of accounts for a different reason.

-Dave

stompix

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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?

OmegaStarScream

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I received the same email this morning but didn't much about it, since it's not verified and I don't even remember I last used it.

As for the support's tweet, there's also this :

Which seems to contradict the tweets you shared about them not knowing what's going on.

Little Mouse

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I received the same message as well. I had an account from long ago, when I started my crypto journey, if I can remember coinbase was the only wallet I know and use lol. But these days, I barely use coinbase and I don't have a lot of balance. Maybe I have less than $0.10 worth of LTC there lol. But why are they closing the accounts? Basically, it's all of us who don't have a balance in our wallets. I think this is a pretty much stupid decision from coinbase though I can understand the necessity of this wallet has dropped which is the reason behind their step to close inactive accounts.

JeromeTash

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Has anybody here received this kind of email from Coinbase?

Quote

Hello,
We’re reaching out to inform you that you’ll no longer be able to access Coinbase.com or the Coinbase app starting 09 April 2023, as we’re disabling access for accounts that no longer meet our updated standards for these services.
Because your Coinbase account has a zero balance, no action is required from you.
You can still use Coinbase Wallet, our self-custody crypto wallet that gives 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

My coinbase account is verified, but I barely use it.

So many other people are experiencing the same thing as seen by the complaints on Reddit and twitter
- https://www.reddit.com/r/CoinBase/comments/12a8e4d/my_coinbase_account_is_going_to_be_restricted/
- https://mobile.twitter.com/iamClaudeGu/status/1642704155004514305

They haven't cared to even state what their updated standards of services are, No official announcement of such a thing except that email messages to some users

Even the support is confused about the whole thing

Topic: Coinbase planning to close accounts of certain users on 9th April? - page 2. (Read 307 times)