Today I receive an email stating:
On Feb 17, 2014 you purchased 0.0002 BTC via bank transfer for $0.28.
Unfortunately, we have decided to cancel this order because it appears to be high risk. We do not send out any Bitcoins on high risk transactions, and you will receive a refund to your bank account in 3-4 business days.
I immediately opened a support case to find out why my BTC purchase was denied.
Feb 19, 2014 06:34AM
XXXXXXXXXX
Hello, why was my purchase of 0.0002 BTC for $0.28 USD canceled? $0.28 doesn't even buy a stamp to send a letter in the mail, how can this be viewed as high risk?
I have validated my account and provided as much information as I can, what else do I need to do to make sure this doesn't happen again?
Thank you,
XXXXXXXXXX
Coinbase Response:
FEB 19, 2014 | 01:36PM PST
Seth replied:
Because your account is considered high risk you are, unfortunately, unable to purchase Bitcoin. However, all other Coinbase features are available to you such as the wallet and selling Bitcoin. Hope that helps!
No Seth, that doesn't help! What good is Coinbase to me if I can't purchase any Bitcoins to put in the wallet that you'll allow me to use
I replied:
Feb 19, 2014 02:16PM
XXXXXXXXXX
Hello Seth, could you give me a better explanation as to why my account is high risk? I have proven my identity and gone through all of your AML processes. What do I need to do to correct this?
Final response back from Seth at Coinbase:
Feb 19, 2014 02:19PM
Seth
I cannot. The algorithms used to determine risk levels are unknown to me. I'm afraid there is nothing you can do to correct this. Sorry to disappoint.
There you have it, Coinbase support can't tell me why I was blocked and apparently is powerless to help fix the situation.
Can anyone recommend a low-fee US friendly exchange? I've tried bitstamp but my bank (ALLY) wont send wires to Slovenia or wherever they are located, and I have the same problem with BTC-E.
Thanks!