Topic: gEMINI CLOSED MY ACCOUNT WITH no EXPLANATION... WHY? (Read 200 times)

maybe a decentralized exchange is the solution for you?
but liquidity will be a problem because most DEXs usually have low trade volumes

The other option that nobody really talks about much when it comes to regulated exchanges is that it might not even be your BTC that came from a DNM that is the issue.

A little discussion I started a few months ago about the funding on collectible coins.


https://bitcointalksearch.org/topic/loaded-coins-do-you-care-where-the-funding-comes-from-5146208


But basically if you are not sure where some coins came from avoid regulated exchanges. Or what happened to you might happen.

The amount also maters. If you are putting 100BTC though a year and 0.002BTC is a little off they will probably care less then if you are putting through .2BTC a year and the history of .05BTC goes back to a DNM.

-Dave

there is a good chance this is what did it, especially if you sent bitcoins directly between gemini and a known darknet market.
gemini at al is definitely tracking customer transactions, both incoming and outgoing.

exchanges---especially super compliance-worried ones like coinbase, gemini, bitstamp---don't want to be used as an intermediary like this because they may effectively be laundering money. they've got FINCEN and other agencies breathing down their neck, so exchanges enforce these AML policies to keep them happy.


i'm careful about what coins i send to exchanges. never anything that's obviously touched the darknet or gambling sites. i also tend not to move my trading funds much---there's nothing for them to analyze if you only transfer to your own wallet and back. so basically, i keep my trading funds (linked to exchanges, KYC) very separate from the rest of my bitcoin network activity.

UPDATE:
Hi All,

I really appreciate all the replies to my thread and everyone seems to have the same or similar thoughts on why Gemini suddenly decided to close my account.

After emailing Gemini support, this morning I received a response saying almost exactly what they said in the initial email they sent saying they were closing my account and I had 5 days to remove my funds. In this email today, they appear to have reset my 5 days to remove my funds, which is in process as I write this.

Also, to clarify... I've been about as 'normal' of an account as Gemini has. Nothing weird or unusual about the source of my funding, or my trading, or my transfers/withdrawals. Other than this from what I can think of.... I had transferred some BTC to a 'darknet' using my TOR browser some time ago. I was literally testing my ability to use TOR and a popular darknet market site.

So did Gemini backtrack all my transfers and somehow discover that I had sent some BTC to a darknet market? If so, then this is a HUGE big deal in that Gemini is monitoring and backtracking their customers BTC transfers. WOW, what an invasion and why would they care where I 'send' BTC anyway?

Of course I'm totally speculating on this and have no way to know if this is why they're closing my account.

Finally, I only kept the crypto on Gemini that I might need to trade in and out of on short notice while I was in the process of a big cross state move. All my other crypto is kept in cold storage off the exchanges. However, my account balance at Gemini is in excess of $35k as that is my 'trading' crypto and not my Hodl crypto. But I must admit that I would be devastated to lose that much money/crypto. So what's the solution? How can we keep a large crypto trading balance on an exchange for trading purposes and yet maximize our security? I would love to hear about other people's ideas on this and how others have their 'trading' crypto prepared for trading in a safe way.

Thanks everyone for all your replies and let's continue to help each other figure out how we can trade crypto and at the same time, maintain our security... if that's even possible?

CryptoJohno

I think you should read the rules of the platform and review them carefully before you ask them and before you deposit money on any platform.
Mostly the main reason for this is are coins from gambling sites or mixers, but you should read the rules and then ask them to "communicate with the support team."
If you do not find an answer, try asking them on reddit ----> https://www.reddit.com/r/Gemini/

This is very strange, because these exchanges usually close people's accounts and do not allow people to withdraw their funds. I suppose maybe you broke your TOS, can you post what they said in the email that they sent to you?


How long have you been using gemini? Did you make high value deposits?


I saw this case look like yours:



Source: https://www.cryptocompare.com/exchanges/gemini/overview


only they can answer you this question

Then its your fault that you didnt check your emails and account. If you are going to leave funds on exchanges then you can very well say bye-bye to them. No exchange is safe in this regard and if you think that they are going to work on your accord then you are mistaken.

What actually did you use your funds from? Most of the times I see topics come up here and in Scam accusations of a site suddenly asking for KYC is when illicit source of funds is the issue. Some "victim"  like the OP here would claim they have scammed them but not reveal the truth that they were using the wallet as a intermediary to store shady coins.

If you fund source was legitimate, then contact the support team. I believe you have already done that otherwise you would not be here.

the obvious questions to ask:
1. did you deposit funds from gambling sites? darknet markets? mixers? gemini has terms against these because of legal risks.
2. are there OFAC sanctions active in your country of residence? it may be related to risk analysis re where you live.

for whatever reason, they wanted to end their relationship with you quickly. there are many past cases of this and i think gemini rarely gives the reason for account closure. you should be able to recover your funds; just contact them. update here if they won't release your funds.


if that were the case, they wouldn't have outright terminated his account. gemini already has mandatory KYC before you can open an account there.

You won't find any answer here. I doubt there is any Gemini representative in this forum so you'll probably meet a dead end. Do what bitmover suggested above, especially with Reddit. That's one of the best places where your complaint might be heard by Gemini or at least media will use your story and create a somewhat exaggerated story about Gemini that forced them to respond to your inquiry.

No exchange is safe. All of them are hell.

Your funds were probably frozen because they want more documents. Governments all over the world are demanding more information from cryptocurrency exchanges.

I would email them , contact support, create post on Reddit, everything

I just found out my Gemini account has been closed after 'review' with NO explanation given. Then worse yet, they gave me 5 days to remove all my funds and that was as of 2+ weeks ago.

My account with Gemini has always been in good standing so why would they do this?
HAS THIS HAPPENED TO ANYONE ELSE?

So now i can't login to access any of my digital assets and this after moving all my trading crypto (not my HODL cryptos) to Gemini just in case I needed to make a trade while traveling. I thought Gemini was different and safe... what the hell?

Now I have to email them tio try to get access to my crypto assets on their exchange.

BTW, they could have simply froze trading and deposits and gave me 30 or even 60 days to remove my crypto and USD from their exchange.

But still I ask why? Why? Why?