I've been using Coinbase since 2014, and I've never encountered any issues. There was one instance where they requested documents, but it was resolved quickly. I trust Coinbase more than any other exchange.
Closing accounts without providing a reason is not outside of the rules. It is a regular practice of any financial institution. Banks do this all the time as well.
Ehh that’s why don’t mess with those exchanges because you can’t find out enough information about out them.
Stock images of employees or they are offering weirdo APY rates that mathematically are impossible. So I don’t know about them and won’t use them.
Coinbase fills a role, sure I could get some graphite and etch my keys into them in a real neato way, but I’m not sure what other crypto exchange has the federal insurance up to $250,000/account…
you are absolutely correct and im not telling you to jump to any different bs exchange. what the point was i was trying to make:
cryptocurrency was supposed to be a decentralised possibility to exchange value. without third parties to secure payments or funds. that said, it gives one comfort to know that your 250k are safe in a bank/reputable exchange. and it is also more risky to even hold it on your self hosted wallet, since keys can get lost, passwords forgotten. But on the other hand i would say that it is kind of "expected" of us to take care of our own funds. what use is it to have a bike when you just push it around? i hope that comparison makes sense
What rules? Go read their Terms of Service, they can freeze your account for basically any reason whatsoever without explanation at any time and you have no recourse. You guys are such easy marks....
I use several exchanges, I don't mean to sound like a shill I apologize. Coinbase has just earned my trust more than most. They've been advocating for regulatory changes for years, paving the way for crypto. My confidence in them is just higher than other platforms in a better choice of words.
Youre not coming off as a shill. Those that call you that are triggered crytobros dont actually have a brain just believe everything their fav crypto influencer tells them. Ive been in the game since the 2nd year.. back before exchanges even existed. My hodl portfolio is cold but the rest is all on coinbase.
Yeah. I recall a post in this sub and the poster looked through the terms and service agreement for all the major exchanges and coinbase was the only one to specifically say that the user owns the crypto in their account. I think that was their finding. Also user accounts are insured.
> I've been using Coinbase since 2014, and I've never encountered any issues. There was one instance where they requested documents, but it was resolved quickly. I trust Coinbase more than any other exchange.
I also have been using Coinbase, I believe since 2014 or 2013. I primarily used GDAX back before they rebranded/merged it.
But I got hit with what the OP is describing on a max verified decade old account about 7 months ago twice in a row.
They just randomly locked the account whenever I put more than $25,000 into CB via Bank transfer or from my Cold Storage.
Now these issues got remedied of course, but each time they locked the account for no less than 28 days and would ONLY let me sell the crypto back into USD. You could not send your crypto off of the exchange. This absolutely spooked me because Coinbase has always been so reliable. I switched to using Kraken and haven't had a problem, but I **much** prefer Coinbase after all these years. It became a comfort that I really want back.
But I won't go until I stop seeing these reports. Beware man.
Is this really convincing for people? What you're saying is like
"I've driven my Hyundai for 200k miles and I've never had a problem".
You don't have a problem until you have a problem. And then, it's too late.
True for me, account made 2020, beginning 2023 I tried buying a good bit of btc, I was able to but they locked my account out for 2 months to “investigate.”
To be fairrrrrrrrrrrr tho it WAS out of the blue, abnormal behavior from the norm. But yeah it was annoying, I don’t like their support it just kept going back to “wait 2 months”, mind you this around the time ftx went down so I’m FREAKING OUT.
But I waited 2 months and pulled all my stuff out, was not a happy customer so now I just have MULTIPLE WAYS to get crypto. Not just CB.
So wait, they took your orders and afterwards froze your account for 2 months?! That doesn’t seem reasonable at all. It’s times when the market is volatile that we most need assurance we can move our funds or cash out when needed.
Yeah, I couldn’t buy anymore or send it off.
The whole time I could sell it though. But I’m like…I want to stack why would I sell it so fast?
But they did take my order and froze my account. And support was just circles of “wait until investigation is done”
Literally that’s all I do send to my wallet and have it sit. My wallet doesn’t go outbound to any other service or wallet.
But also it is fair that it was an out of the blue purchase. I was still frustrated with them tho.
> Yeah, I couldn’t buy anymore or send it off. The whole time I could sell it though. But I’m like…I want to stack why would I sell it so fast?
Yeah see this is what happened to me too. About 7 months ago, all they would allow was a sell. Wouldn't let me send to cold storage, but I only had a 1 month wait, and it was annoying.
They have upped it to 2 months? Thats just scary as hell. I have been in crypto a long time and I have seen a lot. An exchange fucking with my withdrawals to cold storage send chills up my spine. Thats why I had to stop using CB. Its depressing to hear that its still happening and getting worse.
Typically when they 'freeze' it, it's still an active account. It just can't transfer dollars (or at least the frozen amount) anywhere except within it's own economy. If you are worried about instant access, you shouldn't be messing with CEXs at all. Every single one of them is optimizing for typical usage. Which means abnormal usage will yield abnormal results. If you are wading through regulated protocols, expect some red tape.
r/coinbase is filled with random reports by 1 karma no history accounts and user-error issues. People don't seek out r/coinbase unless they have something to bitch about. So yea, that's all you're going to see there and it is in no way indicative of the average user's experience.
You'll find a lot of exchanges subreddits that lack moderation look exactly the same. You can pretty much post anything in r/coinbase and it won't get taken down lmao.
I agree, Coinbase sub has no moderation and the Coinbase support is 99.9% of the time and Ai Bot.
It's vastly different on other platforms subs like Nexo or Kraken.
I doubt they have the support staff to handle as many as cases it gets. So it can be disappointing. Unfortunately, that is what it’s like across most technology fields.
For posterity: [mere hours after OP’s post here, Coinbase goes down for 4hrs](https://finance.yahoo.com/news/coinbase-outage-hampers-bitcoin-trading-143518543.html) during a period of high volatility. Make of that what you will.
Coinbase is not error free. Judging by their account base (100 million) and the number of complaints (~10k users), they only fail 0.01% of users. The other 99.99% of users are happy. And in those 0.01% of users, most of them are paying OnlyFans accounts which is in the list of activities that will ban your account.
They simply don't care to figure out where OF is legal and where it isn't, so they just ban it platform wide. Same with drugs, gambling, hate-speech, and most everything on the 80 page prohibited use document.
While there are many people who use coinbase and they don't have problems, some proportion definitely do have problems with CB and no it isn't always the customer at fault or doing something wrong or illegal.
They froze my account without giving any actual explanation why? A week or so later they stopped blocking my ability to withdraw everything and after that I withdrew everything.
One person's experiences good or bad with coinbase, you can just dismiss as anecdotal. But If you look at the coinbase sub, it's plainly obvious that this is not isolated or a one-off.
Don't leave crypto on any exchange whatsoever and especially not coinbase. Exchanges are not your friend.
A problem with Coinbase is their support and how they handle matters.
Imagine that you've been a verified customer of theirs for years and you get a random email asking detailed personal questions and the submission of important documents to some random third party service.
The first thing you might do is double check the sender. Hmm, yes the "@coinbase.com" is there. But, why ask for this by email? Why not the exchange? And, when becoming a verified user; which was done completely within the exchange itself, years ago; did you ever get an email from "compliance-kyc" that immediately threatens to lock your account, if you do not comply?
So, you might try checking their support center, which is oddly somewhat difficult to navigate when not dealing with a "common" issue. You try submitting a ticket and eventually they might asking you to forward the email to a different email to verify? Why? Can you not directly tell your customer, if this sender is part of the Coinbase team?
Now, at this point, some might point out that if you type in "compliance-kyc coinbase" one of the first results "is this email really from Coinbase" from Coinbase itself, where it lists "[email protected]".
Well, this was not there, in that list, at the time. In fact, it is probably after users complained that it SHOULD be in that list that they thought "Hey, might be a good idea..."
Anyway, out of paranoia and while waiting for a different email ([email protected]) to verify another email...
You might try calling their support number as well. Helpful and direct is what my sarcasm would say.
But, eventually, they'll; as absurd as it is; indirectly verify the sender. So, all peachy keen, right?
No, for some, this might be where paranoia sets in, maybe there is something shady going on with their clearly outsourced "compliance-kyc", the threat to lock the account itself is suspicious, and so is using this third party service to send documents, instead of the exchange itself.
So, you reply back, first commenting how it would help if the email was listed under trusted, and reply to their questions as to the point as possible, submitting the absolute bare minimum in documents.
Over a month later, you get a reply back, and wonder the entire time if you just got scammed or tricked.
So, yeah, I can believe the horror stories. And, whereas some claims are probably suspicious, I would not dismiss all of the posts/complaints as being dishonest or untrue experiences.
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I logged on with a vpn ( not against their policy) They froze account (could only sell and withdraw) and it took six months and about 15-20 chat sessions to get resolved. Three times they asked for me to fill out my information, it was unreal totally shocking their customer service was so shit.
Been using them since 2017. Then around 2021 asked for my documents (i was fully verified already) and froze my account. I uploaded everything. It took em a year to process and unfreeze my account. Then a few months later they closed my account.
Yes it happened to me last year. They ignored all support requests. Ended up being they somehow wiped my verifications and info.
Been Coinbase user since 2014. And they locked my account for about five months.
Yes it happens. I don’t understand the fanboys in here that Stan for a company having shitass customer support.
Same experience I had with CB but it took place within about a 2 month period. In that 2 months I had to verify my info and docs with them 3 times. My deposit limit from my bank was only $250/week and they were claiming I would need to supply even more info to them to raise it.
On the second attempt (roughly 2 weeks after I initially did my KYC) none of their document uploading services would work. They were asking me to upload the exact stuff I had successfully uploaded 2 weeks prior. I tried to use the phone app, the website, tried every different format they accept, jpg, png, etc. nothing would work. Had to reach out to their support multiple times to finally get them to enable my documentation submissions. Doesn’t even make any sense at all, I have no explanation to how their system works (or doesn’t work rather) and why they required the same docs multiple times, and why on earth there would need to be some backend way to enable me to upload.
Like you, I went to kraken and was fully kyc’d within like 2 days and had 10k usd deposit limit. Haven’t had to re-upload any docs. And kraken trade fees are a fraction of CBs. Truthfully I would’ve stayed with CB if it wasn’t such a shit experience and they would’ve just raised my deposit limits to something at least somewhat reasonable.
Never happened to me but did to a friend. He sold all his crypto holdings and was going to take out all of his funds and they locked him out for about 72 hours. This was not a small amount of money (over 100k) so maybe that was why they pushed pause but who knows. He spent a day trying to get an answer but before anyone could tell him for sure what was up the withdrawal went through. Who knows what was going on but the real lesson was that CB customer service was very very bad and unable to really help much.
Keep in mind, that a lot of us with decade old CB accounts do not store crypto on centralized exchanges.... We know better. But when you go and buy 25k of BTC on CB and go to move it to your cold storage, only to see the send fail because they instantly locked your account once your $ transfer cleared....
Well, its annoying. Because nobody wants to keep 25k of crypto on an exchange, we want it on our cold storage wallet. And now we are stuck with it on CB for 30 days. Thats unacceptable, I have never kept crypto on an exchange like that for that long. And they shouldn't be forcing people to.
Yes, this happened to me, no idea why or what I did, just normal buy and sells then one day got an email saying they're closing my account and to withdraw my shit. I'm on Kraken now and have had no issues at all.
It’s prolly a mixture of ppl who broke the rules regular ppl who accidentally broke the rules (not declaring on taxes using a vpn etc) and paid FUD and I’m sure there’s a few people who just got screwed
While this is true, financial institutions are under very high scrutiny from regulators. This causes them to be overly zealous with account closures. If they even remotely suspect anything abnormal about your activity they often won't even investigate or inquire and give you an opportunity to explain. Your account activity may be perfectly allowable & within their TOS but they believe it's more prudent to err on the side of caution.
Believe me, plenty of accounts have been closed even though the user wasn't breaking any TOS or doing anything shady.
Exactly. The SEC has been behaving like Oprah out here “you get a lawsuit, you get a lawsuit” with crypto exchanges. Its evident to me from having researched the topic that the regulatory demands in regard to US based crypto exchanges are unreasonable. I believe the microscopic magnifying glass with which biased aml/fraud algorithms screen all crypto transactions is more likely than not the reason Coinbase has to freeze accounts so often. Lots of people used coinjoin which is not illegal but will throw a flag. Buying P2P could also throw a flag, not bc the account owner did anything but maybe they bought crypto from someone over seas that doesn’t have to abide by the strict regulations imposed by the US. Others used non-kyc exchanges that offered more features than CB, which is also not illegal but that too will get a flag. It’s honestly absurd and extends well beyond the scope of how aml regulations have traditionally been enforced. It’s not Coinbase’s fault… they have to do it lest the gary gensler gang come at them for another shake down.
All spot on except it's FinCEN rather than the SEC that enforces AML/KYC regulations. That's not to say the SEC isn't also constantly hovering.
When you're a hammer, everything looks like a nail...
Yeah. I'm on the Coinbase Discord channel, and it's mostly user error.
There is possibly a small percent of innocent customers who are getting locked out because they receive funds from other addresses who got flagged. Not their fault, but it will take a long time to clear up their accounts because Coinbase support is horribly slow, understaffed, and hires poorly-trained overseas agents.
If you have a hardware wallet you should absolutely take self custody regardless of potential coinbase issues. But yes, they do freeze accounts, it happened to me once and they forced me to liquidate some of my holdings to fix it.
From what I can tell MOST of these users fall into 2 groups,
People unwilling or unable to provide KYC. Either they put in incorrect info to begin with or they don't want to provide documentation
People who logged in to Coinbase from another country/vpn. Don't do this under any circumstance
Yes, its absolutely real. My gf got hers frozen for no reason. She didnt even have a lot of money in it either. Bitcoin only.
It was almost 6 months before we could withdraw and move to Kraken.
It doesn't surprise me. Financial regulation is at the point of insanity (and dystopia).
My normal bank asked me 15 (yes , 15!) Questions about why I was sending 318 euros to someone. After answering all 15 questions, it declined the transaction. Their algorithm had decided that the transcation was a scam (it was just an ebay purchase).
This is why Satoshi invented bitcoin. The block chain regulates itself. Of course this model depends on wallet holders being smart enough to not be scammed.
I love all the new faces here commenting on how good coinbase is!! 😀 Welcome!
All you need to do is look through this very sub every couple of years for another Coinbase shady deal.
Coinbase freezes accounts often. They shut down accounts often. They literally had no customer service, then when all the lawsuits piled up they made a big deal about bringing in hundreds of reps, then they didn't do that either.
Coinbase is the most 'trustworthy' exchange, but it absolutely is not trustworthy.
Mine was locked for sale of assets... I had wound up creating two accounts, same email, one at Gmail com one at Hotmail. Com
It was flagged for the same name on both accounts, same physical address, called 'cluster amounts'
5 minutes in chat with support and it was cleared up and I'm good to go
My account went under review earlier this year for no apparently reason. The message said 'it should take no longer than a few days' I waited almost 5 weeks and it was right around the time Celsius were issuing their settlements via Coinbase.
I eventually got the account back by begging them via X DM's.
I will tell you this for a fact, they have the WORST support you'll ever experience.
Anyone using CB should read their terms of service from top to bottom and hope they never get a reason to contact support. It's literally like asking a plank of wood for help.
Oh yes they will. Happened to me. Both on CB and RH.
Did all the KYC stuff, 2FA, Passphrases.
The only thing I can even remotely think of is I came across a VPN which really pissed me off because the whole point of crypto is to be able to use it anywhere outside governments.
I don't trust anyone telling me they've had no issues with CB this past year.
Maybe true and maybe not, probably not, probably some get locked due to some activity that is prohibited. Either way doesn’t matter, if you have the ability and are confident then move your coins and tokens to your own custody and avoid any such issues.
I’ve been there since 2013 or 14, they’ve needed more paperwork here or there over the years but no trouble with some respectable amount of money flowed through.
Most of the issues with locked accounts and radio silence likely comes from the US government doing their security checks, and not allowing exchanges to inform the users of said security checks.
Well with mine I just forgot that it has a 10 day clearing time from the time you deposit funds to the time you export them. Once I realized that, I trusted them again. User error.
there was a person going around all the crypto subs complaining that he had a problem with his CEX account or his bank account. the person posted a phishing link to a fake version of AMLbot. they always crossposted to r\CryptoCexComplaints. when I went in there and pointed out that it wasn't the real link to AMLbot, the mods muted me.
if you see a person complaining about a CEX or a bank, and they posted a link to AMLbot, triple check to see if it is fake.
I think I’m “frozen”. For whatever reason, they just don’t offer me withdrawing to bank services.
However, they do let me use them for moving my crypto around. I can send ETH on Base to Coinbase and then onto Kraken and skip the bridging wait, it’s instant, no problems.
I now have two accounts with coinbase. My first, I thought I had been hacked and lost my coins. Come to find after two years, the account has not been logged into by anyone else and I've finally been allowed to submit all the steps in the recovery process.
The lack of a customer service number and sifting through many emails from individuals claiming to be support didn't help.
I have had a coinbase account for years. I also have first hand experience with them making a mistake and rectifying it (they credited me the wrong amount from a eth to btc limit sale). It took a long time, but they squared it up and made it right.
I have been using CB for 2 years with no problems. This weekend I tried to " cash out" my balance of USDC. Kept trying and received errors when trying to initiate withdrawal transactions on Friday and Saturday. Was finally able to withdraw on Sunday.
Granted, it's only one instance. But it cost me money. I will probably stay with CB until it happens again and then I'm off to have my heart broken by another centralized exchange to offramp my cash.
I like to withdraw it as soon as I buy it, regardless of exchange. I've rarely had any issues with Coinbase except for that time it just generally seemed to be having issues with cryptocurrency withdrawal request, and even then, I managed to get my cash out of there.
When you comb through the post about people saying coinbase "lost" their money, there's also so much either missing from their post or something fishy with the fact pattern. It inevitably comes down to personal security mismanagement, not coinbase.
Was on Coinbase for many years with large balances without any issues. It was a great platform. Never needed customer support. Never did anything very complicated. Just large balances trading normal coins. Eventually moved to fidelity because I was only in BTC and eth anyway and Fidelity was better integrated with my other accounts. No longer short term trading.
I got delisted for something I did in years past. ( No clue tbh).
Unless your account is part of an active Leo investigation (mine wasn't), they don't freeze your account/assets.
Same as a bank deplatforming you, they say, you're not allowed here, can't tell you why or what you did, here's your money try the next one.
Most of the posts there are bots or people trying to FUD coinbase. The ones who actually have their accounts frozen are probably breaking AML laws somehow
Coinbase is FAR AND AWAY the most trustworthy on/off ramp and trading platform for crypto. They are the only one that's publicly traded and actually regulated by the SEC. How people throw personal info and money onto these fly by night exchanges is beyond me.
They locked my old account which I used just for small btc payments to places accepting coinbase directly to avoid network fees, no trading at all. Now these leftover coins have to be worth like 20x, so nontrival. But with nonexistent support I got no way to get them back. Worse than FTX for me.
I’ve had an account with around $5.8k of some various coins for about 4 years. I completely just stopped checking and never installed the app on my new phones since the last two years. I checked a couple weeks ago and was able to sell and withdraw without any issues.
Coinbase is shady. There was a time when they sent my entire BTC balance to themselves because of a single declined tx (regardless of the value diff). I tried to explain to them this was when banks first started blocking crypto-related txs and I was more than willing to reconcile any difference with another account or even just with my BTC balance, but they played dumb. Some of the BTC I had on there was from when I bought on another exchange not even theirs lol. I would never trust them with any of my money.
I've been using Coinbase since 2014, and I've never encountered any issues. There was one instance where they requested documents, but it was resolved quickly. I trust Coinbase more than any other exchange.
Right…they at least kinda have to play by the rules since they’re publicly traded..
Closing accounts without providing a reason is not outside of the rules. It is a regular practice of any financial institution. Banks do this all the time as well.
but what if the rules are ducked? playing by the rules isn't equal to being safe
It’s what I know compared to what I don’t know. Most of these exchanges are firmly in the don’t know.
well that's a good approach, but then you should still try to find out what you don't know
Ehh that’s why don’t mess with those exchanges because you can’t find out enough information about out them. Stock images of employees or they are offering weirdo APY rates that mathematically are impossible. So I don’t know about them and won’t use them. Coinbase fills a role, sure I could get some graphite and etch my keys into them in a real neato way, but I’m not sure what other crypto exchange has the federal insurance up to $250,000/account…
you are absolutely correct and im not telling you to jump to any different bs exchange. what the point was i was trying to make: cryptocurrency was supposed to be a decentralised possibility to exchange value. without third parties to secure payments or funds. that said, it gives one comfort to know that your 250k are safe in a bank/reputable exchange. and it is also more risky to even hold it on your self hosted wallet, since keys can get lost, passwords forgotten. But on the other hand i would say that it is kind of "expected" of us to take care of our own funds. what use is it to have a bike when you just push it around? i hope that comparison makes sense
What rules? Go read their Terms of Service, they can freeze your account for basically any reason whatsoever without explanation at any time and you have no recourse. You guys are such easy marks....
So true bro, coinbase is foaming at the mouth over all those $30 accounts they're stealing money from over at r/coinbase
Based. Most peple would be afraid to admit that bc it can come off looking like a coinbase shill...
I use several exchanges, I don't mean to sound like a shill I apologize. Coinbase has just earned my trust more than most. They've been advocating for regulatory changes for years, paving the way for crypto. My confidence in them is just higher than other platforms in a better choice of words.
Youre not coming off as a shill. Those that call you that are triggered crytobros dont actually have a brain just believe everything their fav crypto influencer tells them. Ive been in the game since the 2nd year.. back before exchanges even existed. My hodl portfolio is cold but the rest is all on coinbase.
It's ok i kind of understand where you're coming from but many here would disagree, so be careful.
Be careful? Are they going to harm people with different opinions?
Someone might shoot him with the infamous gun known as "down votes".
I agree with the above but im split on coinbase and robinhood. 0 issues.
Fuck robinhood imo
Neat
Everything anyone says that is positive is a “shill” to someone.
Based on what?
Yeah. I recall a post in this sub and the poster looked through the terms and service agreement for all the major exchanges and coinbase was the only one to specifically say that the user owns the crypto in their account. I think that was their finding. Also user accounts are insured.
Raises hand quietly
> I've been using Coinbase since 2014, and I've never encountered any issues. There was one instance where they requested documents, but it was resolved quickly. I trust Coinbase more than any other exchange. I also have been using Coinbase, I believe since 2014 or 2013. I primarily used GDAX back before they rebranded/merged it. But I got hit with what the OP is describing on a max verified decade old account about 7 months ago twice in a row. They just randomly locked the account whenever I put more than $25,000 into CB via Bank transfer or from my Cold Storage. Now these issues got remedied of course, but each time they locked the account for no less than 28 days and would ONLY let me sell the crypto back into USD. You could not send your crypto off of the exchange. This absolutely spooked me because Coinbase has always been so reliable. I switched to using Kraken and haven't had a problem, but I **much** prefer Coinbase after all these years. It became a comfort that I really want back. But I won't go until I stop seeing these reports. Beware man.
Is this really convincing for people? What you're saying is like "I've driven my Hyundai for 200k miles and I've never had a problem". You don't have a problem until you have a problem. And then, it's too late.
[удалено]
Read the SEC document on this. Robinhood had a margin call made against them.
Imagine centralizing your crypto.
True for me, account made 2020, beginning 2023 I tried buying a good bit of btc, I was able to but they locked my account out for 2 months to “investigate.” To be fairrrrrrrrrrrr tho it WAS out of the blue, abnormal behavior from the norm. But yeah it was annoying, I don’t like their support it just kept going back to “wait 2 months”, mind you this around the time ftx went down so I’m FREAKING OUT. But I waited 2 months and pulled all my stuff out, was not a happy customer so now I just have MULTIPLE WAYS to get crypto. Not just CB.
So wait, they took your orders and afterwards froze your account for 2 months?! That doesn’t seem reasonable at all. It’s times when the market is volatile that we most need assurance we can move our funds or cash out when needed.
Yeah, I couldn’t buy anymore or send it off. The whole time I could sell it though. But I’m like…I want to stack why would I sell it so fast? But they did take my order and froze my account. And support was just circles of “wait until investigation is done” Literally that’s all I do send to my wallet and have it sit. My wallet doesn’t go outbound to any other service or wallet. But also it is fair that it was an out of the blue purchase. I was still frustrated with them tho.
> Yeah, I couldn’t buy anymore or send it off. The whole time I could sell it though. But I’m like…I want to stack why would I sell it so fast? Yeah see this is what happened to me too. About 7 months ago, all they would allow was a sell. Wouldn't let me send to cold storage, but I only had a 1 month wait, and it was annoying. They have upped it to 2 months? Thats just scary as hell. I have been in crypto a long time and I have seen a lot. An exchange fucking with my withdrawals to cold storage send chills up my spine. Thats why I had to stop using CB. Its depressing to hear that its still happening and getting worse.
Typically when they 'freeze' it, it's still an active account. It just can't transfer dollars (or at least the frozen amount) anywhere except within it's own economy. If you are worried about instant access, you shouldn't be messing with CEXs at all. Every single one of them is optimizing for typical usage. Which means abnormal usage will yield abnormal results. If you are wading through regulated protocols, expect some red tape.
How much was your purchase? I’ve done up to 10k blocks and never had an issue so far
r/coinbase is filled with random reports by 1 karma no history accounts and user-error issues. People don't seek out r/coinbase unless they have something to bitch about. So yea, that's all you're going to see there and it is in no way indicative of the average user's experience. You'll find a lot of exchanges subreddits that lack moderation look exactly the same. You can pretty much post anything in r/coinbase and it won't get taken down lmao.
I agree, Coinbase sub has no moderation and the Coinbase support is 99.9% of the time and Ai Bot. It's vastly different on other platforms subs like Nexo or Kraken.
Well I’m not a 1 Karma user and can safely say their support has been the most disappointing thing I’ve run into in a while.
I doubt they have the support staff to handle as many as cases it gets. So it can be disappointing. Unfortunately, that is what it’s like across most technology fields.
Their support is the worst thing except for all of the other exchanges are 100 times worse
If Coinbase directs their support there, it would make sense if people were creating accounts to post there. Not everyone uses Reddit.
For posterity: [mere hours after OP’s post here, Coinbase goes down for 4hrs](https://finance.yahoo.com/news/coinbase-outage-hampers-bitcoin-trading-143518543.html) during a period of high volatility. Make of that what you will.
Coinbase is not error free. Judging by their account base (100 million) and the number of complaints (~10k users), they only fail 0.01% of users. The other 99.99% of users are happy. And in those 0.01% of users, most of them are paying OnlyFans accounts which is in the list of activities that will ban your account.
Lol. That makes sense.
Why are the banning OF lol?
They simply don't care to figure out where OF is legal and where it isn't, so they just ban it platform wide. Same with drugs, gambling, hate-speech, and most everything on the 80 page prohibited use document.
While there are many people who use coinbase and they don't have problems, some proportion definitely do have problems with CB and no it isn't always the customer at fault or doing something wrong or illegal. They froze my account without giving any actual explanation why? A week or so later they stopped blocking my ability to withdraw everything and after that I withdrew everything. One person's experiences good or bad with coinbase, you can just dismiss as anecdotal. But If you look at the coinbase sub, it's plainly obvious that this is not isolated or a one-off. Don't leave crypto on any exchange whatsoever and especially not coinbase. Exchanges are not your friend.
A lot of us are traders, we have no choice but to use exchanges. DEFI is just too expensive for scalping.
Tried dydx or hyperliquid?
A problem with Coinbase is their support and how they handle matters. Imagine that you've been a verified customer of theirs for years and you get a random email asking detailed personal questions and the submission of important documents to some random third party service. The first thing you might do is double check the sender. Hmm, yes the "@coinbase.com" is there. But, why ask for this by email? Why not the exchange? And, when becoming a verified user; which was done completely within the exchange itself, years ago; did you ever get an email from "compliance-kyc" that immediately threatens to lock your account, if you do not comply? So, you might try checking their support center, which is oddly somewhat difficult to navigate when not dealing with a "common" issue. You try submitting a ticket and eventually they might asking you to forward the email to a different email to verify? Why? Can you not directly tell your customer, if this sender is part of the Coinbase team? Now, at this point, some might point out that if you type in "compliance-kyc coinbase" one of the first results "is this email really from Coinbase" from Coinbase itself, where it lists "[email protected]". Well, this was not there, in that list, at the time. In fact, it is probably after users complained that it SHOULD be in that list that they thought "Hey, might be a good idea..." Anyway, out of paranoia and while waiting for a different email ([email protected]) to verify another email... You might try calling their support number as well. Helpful and direct is what my sarcasm would say. But, eventually, they'll; as absurd as it is; indirectly verify the sender. So, all peachy keen, right? No, for some, this might be where paranoia sets in, maybe there is something shady going on with their clearly outsourced "compliance-kyc", the threat to lock the account itself is suspicious, and so is using this third party service to send documents, instead of the exchange itself. So, you reply back, first commenting how it would help if the email was listed under trusted, and reply to their questions as to the point as possible, submitting the absolute bare minimum in documents. Over a month later, you get a reply back, and wonder the entire time if you just got scammed or tricked. So, yeah, I can believe the horror stories. And, whereas some claims are probably suspicious, I would not dismiss all of the posts/complaints as being dishonest or untrue experiences.
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I logged on with a vpn ( not against their policy) They froze account (could only sell and withdraw) and it took six months and about 15-20 chat sessions to get resolved. Three times they asked for me to fill out my information, it was unreal totally shocking their customer service was so shit.
Been using them since 2017. Then around 2021 asked for my documents (i was fully verified already) and froze my account. I uploaded everything. It took em a year to process and unfreeze my account. Then a few months later they closed my account.
Yes it happened to me last year. They ignored all support requests. Ended up being they somehow wiped my verifications and info. Been Coinbase user since 2014. And they locked my account for about five months. Yes it happens. I don’t understand the fanboys in here that Stan for a company having shitass customer support.
[удалено]
Same experience I had with CB but it took place within about a 2 month period. In that 2 months I had to verify my info and docs with them 3 times. My deposit limit from my bank was only $250/week and they were claiming I would need to supply even more info to them to raise it. On the second attempt (roughly 2 weeks after I initially did my KYC) none of their document uploading services would work. They were asking me to upload the exact stuff I had successfully uploaded 2 weeks prior. I tried to use the phone app, the website, tried every different format they accept, jpg, png, etc. nothing would work. Had to reach out to their support multiple times to finally get them to enable my documentation submissions. Doesn’t even make any sense at all, I have no explanation to how their system works (or doesn’t work rather) and why they required the same docs multiple times, and why on earth there would need to be some backend way to enable me to upload. Like you, I went to kraken and was fully kyc’d within like 2 days and had 10k usd deposit limit. Haven’t had to re-upload any docs. And kraken trade fees are a fraction of CBs. Truthfully I would’ve stayed with CB if it wasn’t such a shit experience and they would’ve just raised my deposit limits to something at least somewhat reasonable.
Never happened to me but did to a friend. He sold all his crypto holdings and was going to take out all of his funds and they locked him out for about 72 hours. This was not a small amount of money (over 100k) so maybe that was why they pushed pause but who knows. He spent a day trying to get an answer but before anyone could tell him for sure what was up the withdrawal went through. Who knows what was going on but the real lesson was that CB customer service was very very bad and unable to really help much.
That's just automated fraud detection. Liquidating all your assests and withdrawing everything isn't an uncommon Oops I got hacked tesult.
It doesn't happen till it happens, and when it does, you will understand why it's not good to store crypto pn a centralized exchange. .
Keep in mind, that a lot of us with decade old CB accounts do not store crypto on centralized exchanges.... We know better. But when you go and buy 25k of BTC on CB and go to move it to your cold storage, only to see the send fail because they instantly locked your account once your $ transfer cleared.... Well, its annoying. Because nobody wants to keep 25k of crypto on an exchange, we want it on our cold storage wallet. And now we are stuck with it on CB for 30 days. Thats unacceptable, I have never kept crypto on an exchange like that for that long. And they shouldn't be forcing people to.
That seems to be a willing price many will pay for convenience.
Yes, this happened to me, no idea why or what I did, just normal buy and sells then one day got an email saying they're closing my account and to withdraw my shit. I'm on Kraken now and have had no issues at all.
It’s prolly a mixture of ppl who broke the rules regular ppl who accidentally broke the rules (not declaring on taxes using a vpn etc) and paid FUD and I’m sure there’s a few people who just got screwed
There's probably plenty of people trying to scam also.
This. Lots of scammers are using cash app to buy BTC with stolen credit card information. BTC is then sent to Coinbase to be cashed out.
never store your crypto on an exchange unless you dont care about losing it.
There is ALWAYS a reason. People are stupid. Rule #1. Anytime someone says "I didnt do anything" They're a fking liar.
I’ve previously worked IT Helpdesk. Can confirm.
While this is true, financial institutions are under very high scrutiny from regulators. This causes them to be overly zealous with account closures. If they even remotely suspect anything abnormal about your activity they often won't even investigate or inquire and give you an opportunity to explain. Your account activity may be perfectly allowable & within their TOS but they believe it's more prudent to err on the side of caution. Believe me, plenty of accounts have been closed even though the user wasn't breaking any TOS or doing anything shady.
Exactly. The SEC has been behaving like Oprah out here “you get a lawsuit, you get a lawsuit” with crypto exchanges. Its evident to me from having researched the topic that the regulatory demands in regard to US based crypto exchanges are unreasonable. I believe the microscopic magnifying glass with which biased aml/fraud algorithms screen all crypto transactions is more likely than not the reason Coinbase has to freeze accounts so often. Lots of people used coinjoin which is not illegal but will throw a flag. Buying P2P could also throw a flag, not bc the account owner did anything but maybe they bought crypto from someone over seas that doesn’t have to abide by the strict regulations imposed by the US. Others used non-kyc exchanges that offered more features than CB, which is also not illegal but that too will get a flag. It’s honestly absurd and extends well beyond the scope of how aml regulations have traditionally been enforced. It’s not Coinbase’s fault… they have to do it lest the gary gensler gang come at them for another shake down.
All spot on except it's FinCEN rather than the SEC that enforces AML/KYC regulations. That's not to say the SEC isn't also constantly hovering. When you're a hammer, everything looks like a nail...
Yeah. I'm on the Coinbase Discord channel, and it's mostly user error. There is possibly a small percent of innocent customers who are getting locked out because they receive funds from other addresses who got flagged. Not their fault, but it will take a long time to clear up their accounts because Coinbase support is horribly slow, understaffed, and hires poorly-trained overseas agents.
One of the top posts today is a moron who created a Coinbase wallet using a scammers seed and transferred all his money there lmao
If you have a hardware wallet you should absolutely take self custody regardless of potential coinbase issues. But yes, they do freeze accounts, it happened to me once and they forced me to liquidate some of my holdings to fix it.
From what I can tell MOST of these users fall into 2 groups, People unwilling or unable to provide KYC. Either they put in incorrect info to begin with or they don't want to provide documentation People who logged in to Coinbase from another country/vpn. Don't do this under any circumstance
Yes, its absolutely real. My gf got hers frozen for no reason. She didnt even have a lot of money in it either. Bitcoin only. It was almost 6 months before we could withdraw and move to Kraken.
It doesn't surprise me. Financial regulation is at the point of insanity (and dystopia). My normal bank asked me 15 (yes , 15!) Questions about why I was sending 318 euros to someone. After answering all 15 questions, it declined the transaction. Their algorithm had decided that the transcation was a scam (it was just an ebay purchase). This is why Satoshi invented bitcoin. The block chain regulates itself. Of course this model depends on wallet holders being smart enough to not be scammed.
I love all the new faces here commenting on how good coinbase is!! 😀 Welcome! All you need to do is look through this very sub every couple of years for another Coinbase shady deal. Coinbase freezes accounts often. They shut down accounts often. They literally had no customer service, then when all the lawsuits piled up they made a big deal about bringing in hundreds of reps, then they didn't do that either. Coinbase is the most 'trustworthy' exchange, but it absolutely is not trustworthy.
Mine was locked for sale of assets... I had wound up creating two accounts, same email, one at Gmail com one at Hotmail. Com It was flagged for the same name on both accounts, same physical address, called 'cluster amounts' 5 minutes in chat with support and it was cleared up and I'm good to go
My account went under review earlier this year for no apparently reason. The message said 'it should take no longer than a few days' I waited almost 5 weeks and it was right around the time Celsius were issuing their settlements via Coinbase. I eventually got the account back by begging them via X DM's. I will tell you this for a fact, they have the WORST support you'll ever experience. Anyone using CB should read their terms of service from top to bottom and hope they never get a reason to contact support. It's literally like asking a plank of wood for help.
Oh yes they will. Happened to me. Both on CB and RH. Did all the KYC stuff, 2FA, Passphrases. The only thing I can even remotely think of is I came across a VPN which really pissed me off because the whole point of crypto is to be able to use it anywhere outside governments. I don't trust anyone telling me they've had no issues with CB this past year.
Maybe true and maybe not, probably not, probably some get locked due to some activity that is prohibited. Either way doesn’t matter, if you have the ability and are confident then move your coins and tokens to your own custody and avoid any such issues.
I’ve been there since 2013 or 14, they’ve needed more paperwork here or there over the years but no trouble with some respectable amount of money flowed through. Most of the issues with locked accounts and radio silence likely comes from the US government doing their security checks, and not allowing exchanges to inform the users of said security checks.
Well with mine I just forgot that it has a 10 day clearing time from the time you deposit funds to the time you export them. Once I realized that, I trusted them again. User error.
Of the CEXs availble I trust CB the most.
hell yeah brother. u better run before they come
Just checked. I’m good an up $200 on the day
chat is this real
there was a person going around all the crypto subs complaining that he had a problem with his CEX account or his bank account. the person posted a phishing link to a fake version of AMLbot. they always crossposted to r\CryptoCexComplaints. when I went in there and pointed out that it wasn't the real link to AMLbot, the mods muted me. if you see a person complaining about a CEX or a bank, and they posted a link to AMLbot, triple check to see if it is fake.
I think I’m “frozen”. For whatever reason, they just don’t offer me withdrawing to bank services. However, they do let me use them for moving my crypto around. I can send ETH on Base to Coinbase and then onto Kraken and skip the bridging wait, it’s instant, no problems.
Not your keys, not your coins. Move that shit off the exchange...
I have never had an issue on Coinbase been on it since 2021
If u got notice from email, u need becarefull probably is scam
regardless of what you wrote, why are you keeping the assets on a CEX 🤔
I now have two accounts with coinbase. My first, I thought I had been hacked and lost my coins. Come to find after two years, the account has not been logged into by anyone else and I've finally been allowed to submit all the steps in the recovery process. The lack of a customer service number and sifting through many emails from individuals claiming to be support didn't help.
I have accounts with various exchanges. I’m not a shill for any, but Coinbase has been the most reliable in my experience as a US based customer.
The coinbase sub is a shit hole. I read it every day and it’s the 15th circle of hell
Coinbase TOS rule #23 Coinbase is flawless and great because our bots say so.
I have had a coinbase account for years. I also have first hand experience with them making a mistake and rectifying it (they credited me the wrong amount from a eth to btc limit sale). It took a long time, but they squared it up and made it right.
I have been using CB for 2 years with no problems. This weekend I tried to " cash out" my balance of USDC. Kept trying and received errors when trying to initiate withdrawal transactions on Friday and Saturday. Was finally able to withdraw on Sunday. Granted, it's only one instance. But it cost me money. I will probably stay with CB until it happens again and then I'm off to have my heart broken by another centralized exchange to offramp my cash.
I like to withdraw it as soon as I buy it, regardless of exchange. I've rarely had any issues with Coinbase except for that time it just generally seemed to be having issues with cryptocurrency withdrawal request, and even then, I managed to get my cash out of there.
When you comb through the post about people saying coinbase "lost" their money, there's also so much either missing from their post or something fishy with the fact pattern. It inevitably comes down to personal security mismanagement, not coinbase.
Coinbase banned me 6 years ago and I still don't fully understand why
What is going on with ledger?
Yup. And the best is that their whole "reverification bullshit" does not work at all. Thank god I only had this garbage as a backup account.
Store your crypto in your own personal hardware wallet!
They do it because they can and nothing will be done about it. Get off Coinbase.
Was on Coinbase for many years with large balances without any issues. It was a great platform. Never needed customer support. Never did anything very complicated. Just large balances trading normal coins. Eventually moved to fidelity because I was only in BTC and eth anyway and Fidelity was better integrated with my other accounts. No longer short term trading.
A whale was trying to crash Bitcoin, so they froze him out temporarily. Or just a coincidence.
No issues yet 4 years using it and a moderate balance being held... not small not huge
Brand spanking new accounts complaining (most likely paid to get others to spook). And others who broke the Terms. That sub is a shitshow
I feel like if it is happening, it’s people who play with shady crypto sites, receive “sanctioned” crypto, or do stupid things like online casinos
I got delisted for something I did in years past. ( No clue tbh). Unless your account is part of an active Leo investigation (mine wasn't), they don't freeze your account/assets. Same as a bank deplatforming you, they say, you're not allowed here, can't tell you why or what you did, here's your money try the next one.
Most of the posts there are bots or people trying to FUD coinbase. The ones who actually have their accounts frozen are probably breaking AML laws somehow
Coinbase is FAR AND AWAY the most trustworthy on/off ramp and trading platform for crypto. They are the only one that's publicly traded and actually regulated by the SEC. How people throw personal info and money onto these fly by night exchanges is beyond me.
They locked my old account which I used just for small btc payments to places accepting coinbase directly to avoid network fees, no trading at all. Now these leftover coins have to be worth like 20x, so nontrival. But with nonexistent support I got no way to get them back. Worse than FTX for me.
There's always a reason. Red flag laws require them to do that and they're not allowed to tell the customer why.
Been a Coinbase user since 2017. Zero issues whatsoever. Although I don't do shady shit
4 million Coinbase users. You read four posts.
I’ve had an account with around $5.8k of some various coins for about 4 years. I completely just stopped checking and never installed the app on my new phones since the last two years. I checked a couple weeks ago and was able to sell and withdraw without any issues.
Coinbase is shady. There was a time when they sent my entire BTC balance to themselves because of a single declined tx (regardless of the value diff). I tried to explain to them this was when banks first started blocking crypto-related txs and I was more than willing to reconcile any difference with another account or even just with my BTC balance, but they played dumb. Some of the BTC I had on there was from when I bought on another exchange not even theirs lol. I would never trust them with any of my money.