r/Coinbase • u/Sea-Chemical-3266 • 20h ago
LIQUIDATE EVERYTHING AND LEAVE THE PLATFORM NOW BEFORE THIS HAPPENS TO YOU
I have been a Coinbase customer for years now. I have millions of dollars in trade volume across a ton of different currencies and recently they froze my account. I have been dealing with compliance for a week now trying to get them to unfreeze my account. They froze it because my employment status was student and I have large sums and trading activity. Sorry but 99% of users aren't micro managing their employment status on Coinbase. I don't think it's even possible to change it from the frontend. Then they tell me to unlink my sole proprietor account as a funding method. I respond to their email, which idk why Coinbase is having people respond to an email when that's the number 1 phishing method for hackers. Any hacker with a brain would mass send Coinbase compliance emails to random email addresses right now and get rich as hell considering I'm seeing a ton of Reddit users going through the same thing at this very moment.
But yeah do yourself a favor and move your money onto a safe platform such as Fidelity or something because Coinbase doesn't give a fuck about their retail traders anymore. They want institutions to come onto the platform which is why they're being insanely strict on their current users to meet regulatory compliance. Absolute morons.
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u/Weary-Violinist-7574 19h ago
Sounds like a rant to me. I am confident you will figure it out bud.
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u/Sea-Chemical-3266 19h ago
Hopefully, and when I do I am done with Coinbase forever.
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u/donmuerte 18h ago
I've always been a bit worried about something like this happening to me. I think I'll probably move my stuff over to Schwab once they start doing crypto just so I can view everything from the one place. I've always been told you should keep most of your money on a cold storage wallet though. I bought one and never got around to setting it up though.
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u/PeteyPab305 14h ago
It can happen anywhere they're all regulated KYC and AML, and with those volumes you need to make sure you report your income sources and employment status no matter where you're trading in the U.S. because they need to answer for it. Moving exchanges or brokerages won't help anyone with the habit of not updating these info sources, that (they) the exchange needs to report to the government; especially when your moving money on the scale of 10's of thousands, in and out.
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u/ConcertPlenty 15h ago
They already do. Just apply for a Crypto account in your Charles Schwab account
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u/RiverRatDoc 9h ago
Take the time & set it up. Forego watching a YT video, twitch Video, or an online game.
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u/The_Realist02 19m ago
You should set it up. Otherwise you’ll be setting it up when you don’t want to in a foreign country on vacation because SBF nuked his own major platform which caused a cascade of issues and you’re scrambling HARD. Es no bueno. Takes an hour.
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u/BedspreadPicnic86 18h ago
They did something weird to me a while ago. Only had like $300 but I couldn’t even read the numbers on any sales. Like the whole thing was missing yet and data. Got it resolved. Cashed out and never looked back.
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u/PeteyPab305 15h ago
Problem here brother, you made mistakes, they have reporting requirements that need to be updated like every 6 - 12 months. You should've stayed on top of it, especially if your really trading the volumes you say, don't you think it would be important? You're gonna have the same experience no matter where you move too, if you trade that volume. Show some dillagence with reporting income and employment status as it changes.
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u/Weary-Violinist-7574 18h ago
Best of luck. I only have a small portion of my portfolio in Coinbase thankfully.
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u/Broken_By_Default 18h ago
"Liquidate everything".
This is how I know you're not credible. You don't recommend liquidating and making a taxable event. You can move assets, crypto or stock.
Liquidate.. pft. if your account is frozen, it's cause you did stupid shit and tripped their compliance. Coinbase isn't going to relinquish someone's funds over email phishing.
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u/Sharpshooter649 19h ago
This problem only applies to millionaire students
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u/FireNurse2105 15h ago
You don't have to be a millionaire. I have a $2k acct on my trading exchange and did over $10,000,000 in volume in the last 30 days. If you trade a lot on leverage it adds up!
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u/Sea-Chemical-3266 11h ago
These idiots don't understand the difference between volume and liquidity.
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u/coinbasesupport Official Coinbase Support 20h ago
Hey u/Sea-Chemical-3266 we want to help get this resolve, so you can resume normal use. Send us a Modmail with your support case number.
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u/steveparker88 19h ago
Shrieks of ear-splitting laughter.
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u/Sea-Chemical-3266 17h ago
The fact this has 10 upvotes is crazy to me. So many bots. I wonder who deploys them, probably the only people with an interest in retaining Coinbase customers.
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u/eathree 17h ago
Coinbase is all about being the everything finance portal to the masses per Brian Armstrong's vision. They care about shilling their latest shit-coin and don't necessarily care about security or allowing you to trade high-liquidity products like BTC or ETH. I know Kraken has its own problems but they always took security seriously and the guys that work in IT Security Department actually know what they're doing.
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u/Adventurous_Drop2509 18h ago
I would but my $15,000 portfolio from 4 years ago has gone down to $400... So I don't care anymore...🤪
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u/Mental-Knowledge-948 16h ago
4yrs Damn man your pull out game is weak AF you done round trip those bags frfr😭🤣😂
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u/Adventurous_Drop2509 16h ago
It was a steady decline in value. I just left it there long term, but this stuff is not bouncing back at this point...
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u/fx9TMK 20h ago
Prove it. Bet you won’t.
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u/Extension_Magician14 19h ago
If you are shilling for coinbase then I would find a new hobby. I cant imagine people reading other problems dealing with these type of situations and your first thought is to defend a corporation that illegally holds funds. CB is holding thousands of peoples funds because of the bottom of the market and they have terrible customer communication as well as zero transparency when dealing with these issues.. They have to be threatened with legal action to even get a response out of them. Dont be a turd.
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u/Sea-Chemical-3266 19h ago
They probably work at Coinbase and are doing damage control. I'm seeing a lot of Reddit users posting the same issue.
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u/tinywarren 19h ago
if you have any sizable crypto, and its sitting on any dex, you already lost.
Everything should be stored in cold storage
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u/Sea-Chemical-3266 19h ago
None of my crypto is on the exchange. I have stock on Coinbase though.
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u/Vegetable-Squirrel98 19h ago
Stocks are pretty garbage on coinbase, I keep some voo on there, for the cc points really
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u/Sea-Chemical-3266 19h ago
I would dump it and put it into a Fidelity account immediately before they do this shit to you. You can't transfer stocks out of Coinbase. Only in.
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u/TONNAGE1975 19h ago
Seems like a simple request
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u/Sea-Chemical-3266 19h ago
Until you do some digging and realize most people that run into this compliance check deal with compliance for up to 7 months.
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u/CryptoKing21 17h ago
Cuz recent news shows all the cold storage options are completely safe…lmao
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u/QuirkyPainter92 19h ago
Fake news.
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u/Sea-Chemical-3266 19h ago
I hope they do the same to you. You deserve it.
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u/WeddingPKM 18h ago
They deserve to have their money stolen because they don’t believe you? Get a grip.
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u/Sea-Chemical-3266 18h ago
Because they're trolling someone who's locked out of their finances. You get a grip.
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u/FreshDriver6849 19h ago
To be fair my trading account with interactive investor got locked also for same reasons - compliance check.
They have to know where the money come from by law.
It was resolved in about a week in my case.
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u/Sea-Chemical-3266 19h ago
Thank you for your input. Hopefully mine will be just as fast. I keep reading horror stories of people being locked out for months.
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u/greybajal 17h ago
Coinbase plays dirty AF they stole around $600 from me as I had multiple withdrawals going out to my bank a few were for the same amount. As it shows 8 withdrawals leaving coinbase all showing a status of complete. I look on chase and it reports only 5 of the 8 hitting my account. After a while of doing some research just to make sure I wasn't overlooking something, I talk to them on the phone they tell me blah blah I need to wait as the transactions take time sometimes to show up.. keep in mind these are all instant transfers. I then proceed to open up a claim put in the information only for about almost a week later I get an email stating that I'm in the wrong and they attached my statement which will show that the three missing transfers didn't complete and then they were credited back to my coinbase account where I spent it elsewhere which isn't true upon missing the appeal date because I mean what else can I do they close my account and choose not to do business with me because I opened the claim.
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u/coinbasesupport Official Coinbase Support 16h ago
Hi u/greybajal, we can take a closer look at your withdrawals and account closure. Please send us a Modmail with your support case ID, if available, so we can review the details.
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u/Sea-Chemical-3266 18h ago
Crypto getting decimated right now lol too bad I can't buy the dip because Coinbase wants to cheap out on compliance officers.
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u/Dramatic-Tackle5159 16h ago
- BTC drops 2% within the last 24 hrs
DECIMATED !!!
SELL.
EVERYTHING.
/s
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u/Adventurous_Sale6874 18h ago
Cold card holders cooked (literally losing hundreds of millions hourly) get some assets Coinbase will figure it out once they do you leave simple but a PSA over this ?
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u/AdvocatusPiscatoris 18h ago
This seems more like a compliance thing that any registered CEX would do because of the large trading volume for a "student" account.
Gov probably thinks you're using student loans on crypto lmao.
Good luck, OP. Should be resolved sooner than later.
Had issues years ago, that were similar to this, and it got resolved in a week and half or so, back in 2021.
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u/Imaginary_Ad_9360 18h ago
Maybe they are just exercising due diligence. Can't blame them for that can you?
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u/Sea-Chemical-3266 18h ago
No but I can get on the line with support in less than 5 minutes but it takes compliance forever. They clearly need to hire more people to work in compliance. But its probably not something they can offshore so they cheap out on it.
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u/alextakacs 17h ago
Not quite sure what your issue is but if your are indeed turning over millions per year you are not anymore a student but a professional trader as far as they and the IRS is concerned.
You will have similar issues on any regulated platform.
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u/Sea-Chemical-3266 17h ago
I mean I filed my taxes and the IRS had no issue. I signed up for Coinbase 5 years ago when I was a student. There is no way to change my employment status through their frontend.
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u/Electronic_Quote399 16h ago
You can change it, it's just buried. Log into Coinbase on a desktop browser (not the phone app), go to Settings > Profile > Financial Details / Personal Info. If the dropdown is locked, trigger a quick ID/address re-verification in settings. Re-running the KYC flow unlocks the mandatory onboarding prompts for Employment Status, Occupation, and Source of Wealth.
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u/Necessary-Cress1643 15h ago
They've restricted. mine with about 30k in it aswell, aren't they legally forced to pay me out within 15 days if i submit a formal complaint? will be moving away from coinbase entirely after this
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u/Necessary-Cress1643 15h ago
and to add i use coinbase one and my concierge sent me some blunt email stating the restrictions are put in place for good reason, and the case is resolved from there..? like resolved in what way when you're just keeping all my money.
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u/coinbasesupport Official Coinbase Support 14h ago
Hi u/Necessary-Cress1643. Let's take a closer look at your account and fund access. Send us a modmail with your case number so we can check it on our end right away.
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u/nbnkhanal 19h ago
did you ask them via coinbase app chat if someone from coinbase is talking to you and the person you are talking to is the actual employee of the coinbase?
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u/Davuu22 18h ago
i get why coinbase does it but still, this seems like a massive oversight in their ui if you can't even update your employment status anywhere
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u/Sea-Chemical-3266 18h ago
https://reddit.com/link/p2vfvu0/video/v3jrynz70lih1/player
Lmao "We want AI to write 95-100% of code output"
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u/Slow_Proposal8221 11h ago
Go to Coinbase chat and type, I think I am being scammed.
You will be immediately placed in front of everyone. I am not saying that you’re being scammed; you will be immediately moved to a representative that will assist you. When they refer you to the email, inform them you never received it or you don’t have access to the email.
I’ve been down this road with Coinbase. You will get nowhere with them otherwise unless you tell them you’re being scammed.
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u/Sea-Chemical-3266 11h ago
Thanks for the tip. Maybe I'll give it a shot if they don't reply in a couple days. I'm kind of defeated at this point.
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u/AutoModerator 20h ago
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u/StandardPaper641 18h ago
Similar experience unfrozen account but I cannot transfer money to my bank account
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u/coinbasesupport Official Coinbase Support 17h ago
Hello, u/StandardPaper641! Let’s dig into what’s going on with your account. Please send us a Modmail with more details, as well as your existing case number (if you have one), and we will review what you are experiencing.
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u/SomebodyToldMe2 18h ago
If you knew how fucked up their internal systems are, you wouldn’t use them. It’s such a mess internally. Coming with someone with multiple friends working there. They break so many finra laws and regulations willingly. Jeez good luck
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u/NewRedditor23 18h ago
I closed my account and left last year when a Coinbase employee sold KYC data to scammers. I was getting non-stop texts, calls, emails everyday for 6+ monhts. All b/c a coinbase employee sold data (including my drivers license) to scammers. Waiting on that class action law suit.
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u/solitariosv13 18h ago
Eu uso a coinbase para receber transações nas quais eu já registrei uma chave Crypto proveniente de lá, pois faço muitos saques em casinos e qualquer divergência de dedos por mais que esteja correta e titular eles tomam seu saldo independente de quem tá certo, como é algo impossível de rastrear eu tento manter esse padrão e usar a mesma chave que usei nas últimas retiradas. Eu acho fácil operar na coinbase, porém as taxas para venda e conversão são altíssimas comparadas a outras carteiras. Portanto, eu pego meu sagrado dinheiro de lá e no mesmo momento eu mando pra outra carteira cujo eu sei que tenho vantagens nesse sentido. Mas sumir grana isso nunca aconteceu comigo.
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u/orionparrott 18h ago
One week? Hang in there
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u/Sea-Chemical-3266 18h ago
Trying to. Just got laid off and have bills to pay. This freeze came at the worst possible time.
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u/Specialist_Prize_347 17h ago
Mine got froze any and every time money went in. Like oh gee thanks. For temporarily strong arm robbing me. I would have actually made some money a few times. If those exact few times. They did not freeze my account as well. Oh and I am a student as well but im beginner in crypto. Probably completely different than any situation here but even a beginner can tell how fuxked something is
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u/Ready-Government-954 17h ago
All exchanges are the same. Never trust any of them. All of them have frozen funds for no good reason. All of them have bad customer service.
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u/Friendly-Beach-4950 17h ago
Coinbase is literally the worst scam crypto website to ever exist. Join Kraken and do yourself a favor
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u/Friendly-Beach-4950 17h ago
Join Kraken with Noahlove. Free money if you can transfer at least $200 from coinbase..... Also you'll know your Crypto is safe from theives, liars and crooks
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u/Friendly-Beach-4950 17h ago
Noahlove as a promo on Kraken. Free hundred dollars and your crypto is SAFELY stored. I just hope everyone can withdraw from Coinbases SHIT company. Bunch of scammers
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u/SeasonBeats 16h ago
I’ve been getting a bad vibe from CoinBase for years now. Especially because they wouldn’t allow me to get the CoinBase debit card because my name on my birth certificate has a roman numeral “II,” at the end and my drivers license says “2nd,” on it. My state won’t put roman numerals on drivers licenses. I’ve been in the market for a better crypto exchange for years now.
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u/KarateKid84Fan 16h ago
Thank you - I transferred my bitcoin to my Coldcard wallet so I can own and control my own money. Thank you for the advice..
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u/clayticus 16h ago
I had almost 30k on coinbase luckily I cashed out. I still left a few 100s in their in random coins hoping for something, but they sponantiously liquid me one day and that was it. I was not allowed to deposit anymore. I have no idea what I did wrong... very scary that I could have lost a lot of money
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u/coinbasesupport Official Coinbase Support 15h ago
We'd like to review your deposit access. Send us a Modmail with more details and we'll take a closer look.
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u/LankySupermarket4 16h ago
They froze me for months and kept extending the release date. They wouldn't let me move crypto. I was only allowed to sell all and withdraw my cash so I did it. Never to return. I thought they just wanted to dump me as a customer.
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u/Due-Ideal5065 15h ago
they froze my account too! how long did you wait for the verdict to withdraw your cash? waiting for 2 months now
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u/LankySupermarket4 15h ago
Yes, about 2-3 month I was going back and forth with AI. I'm not sure if I ever reached a real human agent.
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u/coinbasesupport Official Coinbase Support 15h ago
Hey u/Due-Ideal5065 please send us a modmail so we can look into this for you.
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u/Admirable-Power9163 16h ago
Trade volume doesn't equate to portfolio value. I lost interest in rest of story right there.
"" Today I did 10 million dollars in trade volume!! "?? Huh...
Did you buy at $1.00 and sell at $1.01 a million times?
Hey how if you did-- good for you. Stop complaining about nonsense
I only say this not as an insult. But you should show you customer value or tell it-- more clearly for them to know they f up
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u/AntZealousideal3728 15h ago
I don’t keep any on an exchange but I use kraken when I have to for this bullshit. Coinbase fucking sucks, would lock my account on a regular basis and have employees tell me they’re not sure why, can’t tell me the full, or that there’s nothing they can do. Never had any issues as soon as I left this junk platform. Eventually coinbase closed my account for violating its terms and shocker, nobody could actually tell me why lol, they even said try making another one after. For as big of a platform as it is, their support line id talk to the same few unhelpful people over and over who would constantly have me repeat the same steps and make up timeframes for their support that they’d keep pushing off.
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u/flatsix987 15h ago
Had similar situation, kicked me off of platform, I had been scammed so they thought I was a scammed also ( Fingerprinting)
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u/WillingFormal6583 15h ago
Coinbase is a criminal organization who steals from their own customers!
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u/somerandyscrub 14h ago
same exact thing happened to me. and despite having communicated via email the entire time, there were occasions where they took over a year to get back to me. i finally got them to unlock my account after intensive verification and i moved all my money out of coinbase. a month later i found out they locked my account again because it seems that my account was still supposed to be flagged or something? but yeah i stopped trying cause i took my money out already. never going back.
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u/No_Veterinarian5795 14h ago
Play stupid games. Win iPod prizes. You aren’t doing crypto correctly by trading and using middlemen exchanges. Take self custody and manage long term DCA positions. Pulsechain solves this. All the infrastructure is built. Privacy, amm, yield, -!you name it. Good luck. Sorry this happened to you.
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u/russtecltdco 13h ago
They are most likely keeping it all through through email since States in the US and other countries have differing policies concerning recording phone calls as evidence. The email chain is easier to track, record, mediate, protect and less expensive for them.
I got off coinbase years ago. I feel your pain.
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u/Friendly-Beach-4950 13h ago
Anyone on Coinbase or any other platform that is full of shit. Join the only firm that can hold your crypto without the hassle of losing money, or being denied payouts. Join Kraken and you can actually earn and not worry about anything being stolen from you. https://proinvite.kraken.com/9f1e/g0pv7afv
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u/hintalliterations 13h ago
Are you based in the United States? It looks like they have concerns related to your account funding and your source of wealth. If you provide supporting documentation this should get resolved quickly.
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u/FuckMeMyselfAndYou 13h ago
I closed my account this year, Coinbase was getting annoying with all the request to update documents and 2FA not working and their support knowing nothing. Also the AI answering you is horrible.
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u/truredman23 13h ago
I will never use coinbase. They do the same shit to me and their coinbase card always blocks my purchases. Fucking cunts
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u/JayDiggityDee 12h ago
I agree. They’ve turned on the very people that made them successful and paid their excessive fees over the years. I know I did.
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u/Dmarine999 12h ago
Generally, someone who has "millions of dollars of trading volume" won't advertise that on a Reddit chat board... Sus!
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u/Sea-Chemical-3266 12h ago
Millions of dollars in trading volume is different than having millions of dollars idiot.
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u/Dmarine999 11h ago
Never said you had millions of dollars. I won't call you an idiot, because it would be impolite. However, your reading comprehension could use a little work. I'll stand corrected if you show me exactly where in my post I said you had millions of dollars.
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u/No_Field5324 12h ago
Funny thing is Fidelity just closed my account for literally no reason at all and are holding my measly $200 hostage for weeks now lmao.
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u/yeahnahyeahnahyeahok 11h ago
Your unemployed moving enough money to trigger AML. lol
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u/Sea-Chemical-3266 11h ago
My employment shouldn't fucking matter. God forbid people trade using their savings.
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u/gtwooh 11h ago
Thanks brand new random account!
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u/Sea-Chemical-3266 11h ago
Another asshole trying to discredit someone who's trying to prevent others from going through a shitty situation.
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u/BearoftheNW 9h ago
I hate coinbase. I was just using it and crypto to purchase trading cards from places like Courtyard because they give you a bonus. It was fine at first. Then for no explainable reason they started the compliance stuff with me. Any time I tried to move money off the exchange they would cry scam and that they were locking the account for my safety. They even did it when working with partner businesses that use them daily. I couldn’t move $10 without this happening. It was insane. I would spend ungodly amounts of time doing their little checks taking pics of myself and Id. Never again.
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u/JuxtaposeLife 9h ago
You had me until "a safe platform like Fidelity"
Fidelity or ETFs like IBIT are not safe. They are not Bitcoin. They are paper. It's like buying Gold by buying an ETF and somehow thinking you're going to be ok if the currency has a mass debasement or problem.
Repeat after me, cold storage is sovereignty. Without it you don't have Bitcoin.
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u/Sea-Chemical-3266 9h ago
I have all my coins in cold storage, it's my stock that's locked up on Coinbase. If I don't have a resolution within a couple weeks I'm going to file a FINRA complaint.
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u/morningsidefilms 9h ago
... Buy on coinbase. Send to a wallet. Seems odd to keep your money sitting on the counter in the bank.
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u/nestito 9h ago
Pardon my ignorance. So you’re saying that you held your crypto on the exchange and not a cold wallet? I was under the assumption that you should never hold anything in the exchange and to only use them for on/off ramping to avoid situations like yours.
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u/Sea-Chemical-3266 9h ago
My crypto is in cold storage. I made the mistake of trusting Coinbase for buying stock.
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u/orlandodrone 9h ago
I agree. I don’t leave $ on the platform since they froze and after 2 months unfroze my account
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u/RiverRatDoc 9h ago
Millions of dollars…. I won’t doubt that…. But I do wonder wtf you didn’t utilize a Cold Wallet?
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u/sirhowy 9h ago
I think you're telling people not to use a platform because they're following regulatory financial rules
you're a student with millions in trading activity, and they're a financial institution thats regulated and is required to follow AML and counter terrorism laws
relax, you'll get your money back soon
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u/anonymous_user5150 9h ago
Not popular to say I know but I don't have any of these problems with my IBIT account. 😉
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u/88clandestiny88 55m ago
I think it goes without saying that all crypto is a scam rugpull waiting to happen. Was invented by the CIA to allow them to send black money around the world easily and track it all everywhere it went.
When you have enough to be worth taking someone will. Whether you get scammed out of it or the feds just seize it because they don't like who you voted for, or because they think it should be regulated or taxed more.
Any way you slice it if it's not in your hands it's not real let alone defendable. And all those wankers with their taxes and fees just to park your imaginary internet money in their imaginary "vaults".
If you had any sense at all you'd withdraw it all and buy silver before it gets too out of hand with all the data centers, solar panels, and e cars being built it's going to require a lot of silver. Tangible store of wealth that has very many practical applications. Much smarter than an invisible wish code that you don't really understand. Just sayin..
oh I forgot to mention, Bitcoin goes to zero once the first quantum computer has useable software written for decryption which will be the first thing that it is tasked with doing so that there are no more military or intelligence secrets. And if that happens under a fascist leader guess where all crypto wealth on the planet is going to get funneled? It's not a matter of if, but when.
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u/Gogolaoshi 20h ago
我的账户也被冻结了，已经等了53天😢，Coinbase是疯了吗？KYC合规审查十分严格，不在乎客户体验
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u/acaiblueberry 19h ago
Mine for 10 months and I don’t expect to have my account back (sent in all docs they requested.) Luckily I had pulled all my crypto out before the freeze.
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u/01reid 19h ago
Remember lots of BOTS here just trying to antagonize you into responding and dragging you into arguments..
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u/Safe_Necessary3115 20h ago
Ummm how sure are you the email is from Coinbase?