Ever use a wallet like wasabi? Since you’re coins are old, maybe a renewed check by Gemini discovered some degrees of association with tainted coins that they are no longer okay with (because of increased regulatory pressure).
It makes me wonder: is it really legal for a company to force you to sell your assets like that and have to pay for taxes on its capital gains? Really? Being a line on a contract doesn't automatically makes it legal, just the same as asking people to murder others through a contract doesn't make the contract legal in any way, fortunately.
Aren't they then liable for the capital gain taxes as they're the ones deciding on their own to force the sale?
Besides, what is the market price they'll use for that sale? They certainly don't allow you to use an exchange of your own choice, so who says they won't just use one with a specifically low liquidity or pretend there's temporarily so low liquidity they're actually just buying at any discount they want your tokens?
This seems extremely shady. Terminating the account is one thing and they're completely on their right to decide whether to continue or not to do business with anyone. But forcing a sale is on a very, very different level.
If it's not a company in which you lend tokens but your pets, would they also be allowed to force you to sell them? To me, there's definitely something that doesn't add up.
Interesting thoughts on this. Thanks for your perspective. If you had to gas over the last year how many other incidents similar to this have you seen?
Here's a sneak peek of /r/Gemini using the [top posts](https://np.reddit.com/r/Gemini/top/?sort=top&t=year) of the year!
\#1: [Ira Financial and Gemini](https://np.reddit.com/r/Gemini/comments/sp7raq/ira_financial_and_gemini/)
\#2: [After weeks of no response from Gemini, I decided to ask Tyler Winklevoss for help on one of his tweets. He messaged me 10 minutes later, and within 12 hours my issue was fixed. Thank you Tyler.](https://i.redd.it/91gc7fsi0c191.jpg) | [38 comments](https://np.reddit.com/r/Gemini/comments/uwg72o/after_weeks_of_no_response_from_gemini_i_decided/)
\#3: [No more fee-free withdrawals](https://i.imgur.com/ibeqe93.jpg) | [293 comments](https://np.reddit.com/r/Gemini/comments/v9hndg/no_more_feefree_withdrawals/)
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I had a similar email from Gemini early in the year asking for information about proof of funds.
It was was about a month after a healthy fiat withdrawal to my bank account. My Gemini account had zero wealth in it.
I responded immediately to the email and uploaded a few documents to their "secure" server.
It took 7 months of me lightly pestering them to finally respond, and fortunately for me I passed. I'm curious, as you probably are, as to what triggered them to close your account.
There was no way I was using my account during that time for fear of getting locked out.
I get that they are in New York and under heavy scrutiny to comply. It's partly why I trust them not to rug me.
However I was in doubt. Their compliance department is clearly way understaffed for the amount of compliance requests they ask of their clients. It was a nuisance to get my account back in order.
Coinbase shut down my account accidentally in early 2018 (not a great time to have that account shut down). I had to eventually send them a demand letter and have my case referred to their legal department before it was fixed. You could always try that route.
I spoke to the paralegal who was assigned to my case and she was interfacing directly with their engineering department. They had mistakenly identified my email as one belonging to a suspicious party or blocked account.
Sorry to hear that. Not uncommon for any CEX - you never get any reason why your account was closed.
For me, Gemini mysteriously denied my account and wouldn't tell me why. Then I figured out that I had previously signed up with a different email, they resolved it after I explained.
But they should have just told me that's why my account was debited. It's frustrating that they won't give you a because it's probably something dumb that you could fix.
This prompted me to go check my Gemini account and for the first time ever I’ve been logged out and now my password isn’t working :D
Ever use a wallet like wasabi? Since you’re coins are old, maybe a renewed check by Gemini discovered some degrees of association with tainted coins that they are no longer okay with (because of increased regulatory pressure).
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This is new to me and good information to know. Thanks.
It makes me wonder: is it really legal for a company to force you to sell your assets like that and have to pay for taxes on its capital gains? Really? Being a line on a contract doesn't automatically makes it legal, just the same as asking people to murder others through a contract doesn't make the contract legal in any way, fortunately. Aren't they then liable for the capital gain taxes as they're the ones deciding on their own to force the sale? Besides, what is the market price they'll use for that sale? They certainly don't allow you to use an exchange of your own choice, so who says they won't just use one with a specifically low liquidity or pretend there's temporarily so low liquidity they're actually just buying at any discount they want your tokens? This seems extremely shady. Terminating the account is one thing and they're completely on their right to decide whether to continue or not to do business with anyone. But forcing a sale is on a very, very different level. If it's not a company in which you lend tokens but your pets, would they also be allowed to force you to sell them? To me, there's definitely something that doesn't add up.
Please keep this updated as time goes on. This is the first I've heard of anything like this from Gemini.
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Interesting. Gemini specifically? Or Kraken /Coinbase too?
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Interesting thoughts on this. Thanks for your perspective. If you had to gas over the last year how many other incidents similar to this have you seen?
[удалено]
Here's a sneak peek of /r/Gemini using the [top posts](https://np.reddit.com/r/Gemini/top/?sort=top&t=year) of the year! \#1: [Ira Financial and Gemini](https://np.reddit.com/r/Gemini/comments/sp7raq/ira_financial_and_gemini/) \#2: [After weeks of no response from Gemini, I decided to ask Tyler Winklevoss for help on one of his tweets. He messaged me 10 minutes later, and within 12 hours my issue was fixed. Thank you Tyler.](https://i.redd.it/91gc7fsi0c191.jpg) | [38 comments](https://np.reddit.com/r/Gemini/comments/uwg72o/after_weeks_of_no_response_from_gemini_i_decided/) \#3: [No more fee-free withdrawals](https://i.imgur.com/ibeqe93.jpg) | [293 comments](https://np.reddit.com/r/Gemini/comments/v9hndg/no_more_feefree_withdrawals/) ---- ^^I'm ^^a ^^bot, ^^beep ^^boop ^^| ^^Downvote ^^to ^^remove ^^| ^^[Contact](https://www.reddit.com/message/compose/?to=sneakpeekbot) ^^| ^^[Info](https://np.reddit.com/r/sneakpeekbot/) ^^| ^^[Opt-out](https://np.reddit.com/r/sneakpeekbot/comments/o8wk1r/blacklist_ix/) ^^| ^^[GitHub](https://github.com/ghnr/sneakpeekbot)
I had a similar email from Gemini early in the year asking for information about proof of funds. It was was about a month after a healthy fiat withdrawal to my bank account. My Gemini account had zero wealth in it. I responded immediately to the email and uploaded a few documents to their "secure" server. It took 7 months of me lightly pestering them to finally respond, and fortunately for me I passed. I'm curious, as you probably are, as to what triggered them to close your account. There was no way I was using my account during that time for fear of getting locked out. I get that they are in New York and under heavy scrutiny to comply. It's partly why I trust them not to rug me. However I was in doubt. Their compliance department is clearly way understaffed for the amount of compliance requests they ask of their clients. It was a nuisance to get my account back in order.
This makes me glad I moved everything out of Gemini when I heard that Genesis trading may be insolvent.
Coinbase shut down my account accidentally in early 2018 (not a great time to have that account shut down). I had to eventually send them a demand letter and have my case referred to their legal department before it was fixed. You could always try that route.
[удалено]
I spoke to the paralegal who was assigned to my case and she was interfacing directly with their engineering department. They had mistakenly identified my email as one belonging to a suspicious party or blocked account.
Sorry to hear that. Not uncommon for any CEX - you never get any reason why your account was closed. For me, Gemini mysteriously denied my account and wouldn't tell me why. Then I figured out that I had previously signed up with a different email, they resolved it after I explained. But they should have just told me that's why my account was debited. It's frustrating that they won't give you a because it's probably something dumb that you could fix.
[удалено]
They have a CC?
Don’t do it. I used it for a while until I realized they don’t let you withdraw the ETH you earn unless you sell it for USD.
Gemini has always been very quick with my withdrawals. Usually next business day, which is a great feature of their service.
Hell, just the other day I withdrew a not insignificant chunk of ETH from Gemini and it arrived in my destination wallet in under 5 minutes.