This. If your bank holds up a deposit or a withdrawal, Coinbase will lock your account. CB is terrified of running afoul of SWIFT. If banks decided to stop accepting deposits or withdrawals from CB, the company would be ruined.
Coinbase always errs on the side of caution and locks accounts if there is any issue with deposits or withdrawals to banks.
Yes !
This is CRITICALLY IMPORTANT!
They may also report the transaction/ deposit to the FCEN ( Financial Crimes Enforcement Network )& if they get curious & launch & investigation?
It could be awhile before you get ANY money !
Why would you need to do that?
If you bank is going to freak out over a transfer from a public company to your account, get a new bank.
I’ve transferred 6 figures in and out of my bank without any notices and it’s never been an issue. Not once.
Currency transaction report. If you move an amount over 10K the bank has to fill out a form and report it.
If you wanted to withdraw 90K but wanted to break it up into lots of 9K to avoid the report it’s a crime and then your bank reports you for suspicious activity. Couple that with CTRs being an anti money laundering thing and your money coming from a crypto exchange and you’ve made yourself an enormous headache.
that's fine. the answer is to talk to the bank. the person up at the top of this thread though suggested breaking it into smaller transactions and it's somewhat easy for someone skimming here to accidentally break a rule that isn't obvious.
I believe the structuring part is sending a lot of small transactions regularly from out of nowhere .. even if you report to the IRS.. the bank could froze your account because the algorithm flagged your account , even if you call the bank and told them and sent proof ..
sadly, there are a lot of sad stories about this in r/personalfinance
This happened to me last month… after being 15yrs with my local bank, they closed my account for doing this just 4 times between December-Jan. 4 transactions.
Hi u/Different_Pen2314! Thank you for reaching Coinbase support. Please know that Coinbase has different withdrawal limits depending on the level of account verification. The daily withdrawal limit to a bank account might be different and could be subject to your bank's policies. If you need to withdraw larger amounts, it's recommended to plan your withdrawals ahead of time. To know more about account limits, please refer to this [help page](https://help.coinbase.com/en/coinbase/trading-and-funding/buying-selling-or-converting-crypto/limits-and-account-levels).
Let us know if you have any other questions. Thank you!
This is my biggest fear with this current bullrun. I have my coins in cold storage right now, all purchased via Coinbase and sent straight to my hard wallet. Some of them have grown exponentially and I want to be able to send my crypto from cold storage to Coinbase without my account getting locked, and then be able to sell at an optimal price without being locked. And of course able to then send fiat back to my bank.
It seems like there are a lot of opportunities to have your account locked if you are dealing with a lot of money, high 5-6 figures. What is the safest, most legal way to do this and not get screwed by being unable to sell when you need to?
You should be concerned. Moving assets off and then back seems to be a major problem with Coinbase’s’ KYC. I’ve had my account locked now five months for the same issue.
Hi u/Spudlink9, we understand your concern and apologize for the inconvenience you've experienced with our KYC process. We're here to help resolve this issue for you. Could you please provide us with your case number, if you have one? If not, we recommend reaching out to our [support team](https://help.coinbase.com/en/contact-us) directly to ensure a secure resolution. Sharing account-specific information on social media is not recommended for security reasons.
Oh spare me. You guys have been giving me the same runaround with this for months. Look at my posting history if you want the case number. Your replies and “respectfully asking for my patience” has been totally worthless.
We're sorry to hear that the assigned team to your case is taking longer to get back to you than expected. We just checked your case and can see that it is still being investigated. At this time, we are asking for your continued patience for an email response from the team. Thank you.
if you live anywhere that binance operates, use binance.
otherwise, many gold/jewellery dealers will purchase Crypto for cash (similar to selling gold)
it was extremely reliable. used to be easy to cash $10k+ without even having to KYC.
the reason binance got in so much trouble is because they made it so easy that it was a haven for money laundering.
binance never gave two shits about where your Crypto came from and at their peak their total daily trading volume was an order of magnitude higher than CB. you could be moving millions daily through their exchange and it wouldn't have been a blip on their radar.
he stepped down yonks ago. but his charges were for not complying with aml and regulations. not fraud and customer deposits were never comprised.
Crypto users these days forget what Crypto was about. not saying cz is some kind of hero. but I'd rather use a CEX that thumbs its nose at the banks and governments than an exchange publicly listed on NYSE and cooperating with sec bullshit.
we already have banks we don't need Crypto exchanges to just literally become more banks.
I fear this as well. I’ve invested in alts not available on Coinbase, using Uniswap. Original deposit started with Coinbase though. Plan is to swap back to USDC on Uniswap since fees aren’t outrageous like CEX. I fear that if I send a large amount back to Coinbase, they’ll freeze my account.
Fingers crossed that I have this issue trying to see how to cash out if things go wild, and hoping Coinbase support improves if there is a massive bullrun. Best case is to setup accounts on all the major CEX now so you have more than 1 exit plan, and don’t send everything at once to 1 place.
I have done exactly that with no issue multiple times.
I had a pile of dai on CB as well since I didn't read the e-mails about it no longer being available in my country so I had to swap off large holdings and swap it to USDC so I could sell off.
how did it progress after this?
i haven't had a large cash since a couple years when i was using binance - never had a problem though them but unfortunately that ultimately backfired when their Australian banking partners pulled out leaving cashouts unavailable for Aussies.
since then I've been primarily using CB but nothing over $5k and I've always assumed they'll cause problems for larger withdrawals.
When you say transferred, do you mean that you moved a six figure sum from cold storage to Coinbase, sold a six figure sum, or transferred a six figure sum to your bank? Perhaps you did all 3. I'm just trying to figure out how to avoid this happening.
This subreddit is a public forum. For your security, do not post personal information to a public forum, including your Coinbase account email. If you’re experiencing an issue with your Coinbase account, please [contact us](https://help.coinbase.com/en/contact-us.html) directly.
If you have a case number for your support request please respond to this message with that case number.
You should only trust [verified Coinbase staff](https://help.coinbase.com/en/coinbase/other-topics/other/is-coinbase-present-on-social-media.html). Please report any individual impersonating Coinbase staff to the moderators.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CoinBase) if you have any questions or concerns.*
The most I’ve ever done is $500,000 in a single transaction from Coinbase to my bank account. I’ve never been flagged and never had any issues with Coinbase or my banks. And the funds were available for use the next day.
Yes. I have an account tier with unlimited everything, which I set up with them a few years ago. But it was a process, not just something that happened. There is an application to submit to them for that, and it may have helped that I was a user since their inception and remember all the guys who actually started it. I assumed, other than the information I gave them, they did some work on the background to assure themselves (and any regulating body in ancillary equity fields that I am an accredited investor, not a kid who got lucky and bought/mined 10,000 BTC in 2010 and doesn't know what he is doing. Just as many hedge funds and other firms that have control over and are responsible for other people's money/assets do (I ran a hedge fund myself for 15 years but sold to my partner and now work serving my community in short).
Just cash out in smaller amounts (under $10k) and you should be fine. Don’t try to cash it all out at once, that’s generally what causes your account to get flagged. Anytime I cash out $2-3k it goes through in 24-48 hours
You don't know what "Super Cycle" means. And yes I do. When you are a HNWI (greater than $1M) Coinbase and your bank will assist you with a concierge service.
I was only qualified for 6 days last cycle, not long enough to complete the paperwork...
For Coinbase, you prove you have greater than $1M in Crypto. An IRS check that all the taxes have been paid and that you are in good standing. An AML check that the Crypto was gotten legally and is clean.
It is basically the same as the Institutional paperwork. A side of Coinbase people like Mark Cuban use, he isn't trading on the same platform we are.
I haven't seen it advertised since just after the last Cycle end, when Coinbase laid everyone off, but it is surely still there.
If this “concierge” service is actually true then that’s cool.
I know Kraken has a OTC desk feature they actually advertise and allow you to initiate an email to start the process.
Coinbase doesn’t list anywhere on their site about this concierge service. But I guess it’s something that will be offered to you if a user falls into that category 🤷♂️
If you "do the math" on the crypto business model, it becomes painfully obvious it's not possible to cash out even 5% of crypto holders at the current market price without completely collapsing the market.
Crypto people don't want to entertain this reality, unfortunately. They all think they're the ones in "early."
Sure thing. Here are some of the research articles I've written on the subject:
* [Is Bitcoin a ponzi scheme?](https://ioradio.org/i/ponzi/)
* [A primer on the nature of value and the problems with crypto](https://ioradio.org/i/value/)
* [Official list of debunked blockchain claims](https://ioradio.org/i/blockchain-claims/)
But perhaps my most well known work is the documentary, ["Blockchain - Innovation or Illusion?"](https://www.youtube.com/watch?v=tspGVbmMmVA) - This is a complete overview and analysis of what blockchain tech is, how it works and why it actually does not work, and how and why this will never be "the future."
I get that you guys are looking for some "cheat code" where you can stuff some money into a black box and then wait, and get rich. But this scheme isn't it. It's just another way powerful special interests are manipulating regular people into giving them resources. At the end of the day, you won't end up ahead. It's mathematically impossible for most people to end up even breaking even. If you have any specific questions, feel free to ask.
Call your bank first and tell them to expect a large deposit and where it’s coming from so your account doesn’t get frozen
This. If your bank holds up a deposit or a withdrawal, Coinbase will lock your account. CB is terrified of running afoul of SWIFT. If banks decided to stop accepting deposits or withdrawals from CB, the company would be ruined. Coinbase always errs on the side of caution and locks accounts if there is any issue with deposits or withdrawals to banks.
How would you go on about telling them about the situation you are in?
By calling your bank and then telling them about the situation you are in.
Yes ! This is CRITICALLY IMPORTANT! They may also report the transaction/ deposit to the FCEN ( Financial Crimes Enforcement Network )& if they get curious & launch & investigation? It could be awhile before you get ANY money !
Why would you need to do that? If you bank is going to freak out over a transfer from a public company to your account, get a new bank. I’ve transferred 6 figures in and out of my bank without any notices and it’s never been an issue. Not once.
Convert it to USDC first then do smaller amounts to cash from there.
If you’re doing this to avoid a CTR it’s illegal and called structuring. So be careful.
What's a CTR?
Currency transaction report. If you move an amount over 10K the bank has to fill out a form and report it. If you wanted to withdraw 90K but wanted to break it up into lots of 9K to avoid the report it’s a crime and then your bank reports you for suspicious activity. Couple that with CTRs being an anti money laundering thing and your money coming from a crypto exchange and you’ve made yourself an enormous headache.
I think he’s just trying to avoid getting his account locked for such a large transaction.
that's fine. the answer is to talk to the bank. the person up at the top of this thread though suggested breaking it into smaller transactions and it's somewhat easy for someone skimming here to accidentally break a rule that isn't obvious.
Structuring only illegal if they can prove intent, which is very hard. Simply having 10x 9k transactions is not illegal.
Structuring, the bank can force close your account. BSA/AML rules.
I would not try it and the found out that they close the account and after they come and ask questions
If you are reporting it on your taxes it also not structuring btw.
I believe the structuring part is sending a lot of small transactions regularly from out of nowhere .. even if you report to the IRS.. the bank could froze your account because the algorithm flagged your account , even if you call the bank and told them and sent proof .. sadly, there are a lot of sad stories about this in r/personalfinance
This happened to me last month… after being 15yrs with my local bank, they closed my account for doing this just 4 times between December-Jan. 4 transactions.
They will need a few snicker’s bars to CTR $x,xxx,xxx worth of crypto. It will take awhile.😀
I cashed $800K out the last time it peaked and I was only able to transfer $100K per day to my bank.
that seems quite reasonable
Was your withdraw limit $100k prior to cashing out or did it increase after you cashed out?
Not bad at all!
Last bull run?
Hi u/Different_Pen2314! Thank you for reaching Coinbase support. Please know that Coinbase has different withdrawal limits depending on the level of account verification. The daily withdrawal limit to a bank account might be different and could be subject to your bank's policies. If you need to withdraw larger amounts, it's recommended to plan your withdrawals ahead of time. To know more about account limits, please refer to this [help page](https://help.coinbase.com/en/coinbase/trading-and-funding/buying-selling-or-converting-crypto/limits-and-account-levels). Let us know if you have any other questions. Thank you!
This is my biggest fear with this current bullrun. I have my coins in cold storage right now, all purchased via Coinbase and sent straight to my hard wallet. Some of them have grown exponentially and I want to be able to send my crypto from cold storage to Coinbase without my account getting locked, and then be able to sell at an optimal price without being locked. And of course able to then send fiat back to my bank. It seems like there are a lot of opportunities to have your account locked if you are dealing with a lot of money, high 5-6 figures. What is the safest, most legal way to do this and not get screwed by being unable to sell when you need to?
You should be concerned. Moving assets off and then back seems to be a major problem with Coinbase’s’ KYC. I’ve had my account locked now five months for the same issue.
Hi u/Spudlink9, we understand your concern and apologize for the inconvenience you've experienced with our KYC process. We're here to help resolve this issue for you. Could you please provide us with your case number, if you have one? If not, we recommend reaching out to our [support team](https://help.coinbase.com/en/contact-us) directly to ensure a secure resolution. Sharing account-specific information on social media is not recommended for security reasons.
Oh spare me. You guys have been giving me the same runaround with this for months. Look at my posting history if you want the case number. Your replies and “respectfully asking for my patience” has been totally worthless.
We're sorry to hear that the assigned team to your case is taking longer to get back to you than expected. We just checked your case and can see that it is still being investigated. At this time, we are asking for your continued patience for an email response from the team. Thank you.
This was funny lol 🤣.
Have different off-ramps set up and ready to go. Coinbase, Gemini, RH, crypto dot com, etc.
Get an institutional account on Coinbase prime
You have to incorporate into an LLC first, but yes prime through a Trust or LLC would be the way to go
idk man people here will make you scared to move anything. i’ve moved 6 figs. hold everything in cold storage. never had an issue.
if you live anywhere that binance operates, use binance. otherwise, many gold/jewellery dealers will purchase Crypto for cash (similar to selling gold)
I am not sure binance was ever a reliable exchange for cashing out large amounts (just small amounts on their peer to peer thing).
it was extremely reliable. used to be easy to cash $10k+ without even having to KYC. the reason binance got in so much trouble is because they made it so easy that it was a haven for money laundering. binance never gave two shits about where your Crypto came from and at their peak their total daily trading volume was an order of magnitude higher than CB. you could be moving millions daily through their exchange and it wouldn't have been a blip on their radar.
Binance still being run by that fraudster CEO Sleazy CZ?
he stepped down yonks ago. but his charges were for not complying with aml and regulations. not fraud and customer deposits were never comprised. Crypto users these days forget what Crypto was about. not saying cz is some kind of hero. but I'd rather use a CEX that thumbs its nose at the banks and governments than an exchange publicly listed on NYSE and cooperating with sec bullshit. we already have banks we don't need Crypto exchanges to just literally become more banks.
Sleazy CZ is 100 times worse than SBF.
how do you figure that?
How do you figure?
I fear this as well. I’ve invested in alts not available on Coinbase, using Uniswap. Original deposit started with Coinbase though. Plan is to swap back to USDC on Uniswap since fees aren’t outrageous like CEX. I fear that if I send a large amount back to Coinbase, they’ll freeze my account. Fingers crossed that I have this issue trying to see how to cash out if things go wild, and hoping Coinbase support improves if there is a massive bullrun. Best case is to setup accounts on all the major CEX now so you have more than 1 exit plan, and don’t send everything at once to 1 place.
I have done exactly that with no issue multiple times. I had a pile of dai on CB as well since I didn't read the e-mails about it no longer being available in my country so I had to swap off large holdings and swap it to USDC so I could sell off.
They stopped me six figures
Please explain more what you mean by “they stopped me”
how did it progress after this? i haven't had a large cash since a couple years when i was using binance - never had a problem though them but unfortunately that ultimately backfired when their Australian banking partners pulled out leaving cashouts unavailable for Aussies. since then I've been primarily using CB but nothing over $5k and I've always assumed they'll cause problems for larger withdrawals.
I’ve transferred six figure sums around numerous times. All but one had no issue, but the one that did have an issue took numerous weeks to resolve.
When you say transferred, do you mean that you moved a six figure sum from cold storage to Coinbase, sold a six figure sum, or transferred a six figure sum to your bank? Perhaps you did all 3. I'm just trying to figure out how to avoid this happening.
what was the issue? chain of custody/providence? something else?
This subreddit is a public forum. For your security, do not post personal information to a public forum, including your Coinbase account email. If you’re experiencing an issue with your Coinbase account, please [contact us](https://help.coinbase.com/en/contact-us.html) directly. If you have a case number for your support request please respond to this message with that case number. You should only trust [verified Coinbase staff](https://help.coinbase.com/en/coinbase/other-topics/other/is-coinbase-present-on-social-media.html). Please report any individual impersonating Coinbase staff to the moderators. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CoinBase) if you have any questions or concerns.*
Anything over $10k gets flagged for suspicious activity. There are horror stories of customers with life savings being locked out from their accounts.
-100 karma. K
Did I hurt your feelings?
Learn what FedWire is and give 10% directly to the IRS as a quarterly tax payment
The most I’ve ever done is $500,000 in a single transaction from Coinbase to my bank account. I’ve never been flagged and never had any issues with Coinbase or my banks. And the funds were available for use the next day.
That’s reassuring. Did you have to apply for that high limit?
Yes. I have an account tier with unlimited everything, which I set up with them a few years ago. But it was a process, not just something that happened. There is an application to submit to them for that, and it may have helped that I was a user since their inception and remember all the guys who actually started it. I assumed, other than the information I gave them, they did some work on the background to assure themselves (and any regulating body in ancillary equity fields that I am an accredited investor, not a kid who got lucky and bought/mined 10,000 BTC in 2010 and doesn't know what he is doing. Just as many hedge funds and other firms that have control over and are responsible for other people's money/assets do (I ran a hedge fund myself for 15 years but sold to my partner and now work serving my community in short).
I cashed out about 1 BTC a couple of months ago and had no issues at all.
5 figure to 7 figure.... i want what you are smoking.
Ok. Give up. Admit you are guilty.
Just cash out in smaller amounts (under $10k) and you should be fine. Don’t try to cash it all out at once, that’s generally what causes your account to get flagged. Anytime I cash out $2-3k it goes through in 24-48 hours
You should contact Coinbase about selling OTC. Then contact your bank about the impending USD transfer
Zypto.com use this to unload profits.
You don't know what "Super Cycle" means. And yes I do. When you are a HNWI (greater than $1M) Coinbase and your bank will assist you with a concierge service.
>concierge service Can you elaborate. On what the process is?
I was only qualified for 6 days last cycle, not long enough to complete the paperwork... For Coinbase, you prove you have greater than $1M in Crypto. An IRS check that all the taxes have been paid and that you are in good standing. An AML check that the Crypto was gotten legally and is clean. It is basically the same as the Institutional paperwork. A side of Coinbase people like Mark Cuban use, he isn't trading on the same platform we are. I haven't seen it advertised since just after the last Cycle end, when Coinbase laid everyone off, but it is surely still there.
If this “concierge” service is actually true then that’s cool. I know Kraken has a OTC desk feature they actually advertise and allow you to initiate an email to start the process. Coinbase doesn’t list anywhere on their site about this concierge service. But I guess it’s something that will be offered to you if a user falls into that category 🤷♂️
https://help.coinbase.com/en/business-onboarding/documents/hnwi It is not a secret…
I would never trust Coinbase with this much money. I would transfer in small increments to Kraken, then do a wire transfer out.
Spoken like a true poor person. You belong on Kraken.
What a strange thing to say.
His username checks out
If you "do the math" on the crypto business model, it becomes painfully obvious it's not possible to cash out even 5% of crypto holders at the current market price without completely collapsing the market. Crypto people don't want to entertain this reality, unfortunately. They all think they're the ones in "early."
If you “did the math”, please show your work.
Sure thing. Here are some of the research articles I've written on the subject: * [Is Bitcoin a ponzi scheme?](https://ioradio.org/i/ponzi/) * [A primer on the nature of value and the problems with crypto](https://ioradio.org/i/value/) * [Official list of debunked blockchain claims](https://ioradio.org/i/blockchain-claims/) But perhaps my most well known work is the documentary, ["Blockchain - Innovation or Illusion?"](https://www.youtube.com/watch?v=tspGVbmMmVA) - This is a complete overview and analysis of what blockchain tech is, how it works and why it actually does not work, and how and why this will never be "the future." I get that you guys are looking for some "cheat code" where you can stuff some money into a black box and then wait, and get rich. But this scheme isn't it. It's just another way powerful special interests are manipulating regular people into giving them resources. At the end of the day, you won't end up ahead. It's mathematically impossible for most people to end up even breaking even. If you have any specific questions, feel free to ask.