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  1. #1
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    Default Coinbase closed my account

    Du to them believing I am doing things outside of their terms and conditions I am having my account closed and need to transfer a lump sum, not that large but a good amount.

    Any ideas on this one?

    Thanks - Chris

    I did send an email asking WTF pretty much.
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  3. #2
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    What could you have done outside there T&C's? Thought you could pretty much only buy/sell crypto there

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    No idea what i could have done! and now my transfer is out who knows where for 15 minutes still!
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    My transfer did come through to another BTC wallet so I am pretty relieved, something just seems odd with the coinbase closure
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    Gambling: Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy sports leagues with cash prizes; internet gaming; contests; sweepstakes; games of chance

    SO can they track the sender of funds? I guess I did break the terms slightly as an affiliate, but not fully!



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  11. #6
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    Coinbase is the evil empire. You don't have to look far to find a litany of complaints, account closures, tracking of user funds, and cooperation with the IRS.

    It looks like you're in the US, so I would recommend Kraken or Gemini from personal experience. Once you get verified, it's pretty much no questions asked. That's the best you could hope for as a gaming affiliate.

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    Make sure you only send and receive BTC from your own personal wallet when dealing with Coinbase. If you are having the casinos send to your wallet in Coinbase, well yeah, they are going to have a problem.

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    I assumed coinbase was my personal wallet, I believe I must be missing somthing there
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    You can leave you coins on an exchange, or in an online wallet, but you can also have your wallet on your pc, or an offline device, which is recommended. That is if you want to keep your coins.
    If you sell them directly after receiving them, it might be another question.

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    I use a "stand alone" wallet on my computer. Or best yet, put it on a USB thumb drive that you can remove from your computer until you need it. Electrum is what I use. If Coinbase ever got hacked your BTC could be in jeopardy. I only transfer to coinbase from my stand alone Electrum wallet and then Coinbase transfers to my bank account. And stillshadow is 100% correct about them reporting to the IRS. So if you're in the US make sure that taxes are paid on all your transactions.

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  21. #11
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    Quote Originally Posted by allfreechips View Post
    Du to them believing I am doing things outside of their terms and conditions I am having my account closed and need to transfer a lump sum, not that large but a good amount.

    Any ideas on this one?

    Thanks - Chris

    I did send an email asking WTF pretty much.
    Hey Chris,

    Did you make sure to send them all the necessary and required documentation and have it all confirmed by them as being approved?

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    Their so-called condition is plain stupid as anyone can transfer the funds to another wallet such as electrum before transferring the amount to coinbase to store or trade.

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  25. #13
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    Yeah i was all verified ext, taxes in order with many withdraws to a US bank but all my payments came from casino affiliates.
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    Quote Originally Posted by sweetbet View Post
    Their so-called condition is plain stupid as anyone can transfer the funds to another wallet such as electrum before transferring the amount to coinbase to store or trade.
    Bitcoin transactions are traceable all the way back to block creation.

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    If you are moving around more than a few hundred bucks worth of crypto regularly, buy yourself a hardware wallet like a Trezor or Ledger Nano and have all affiliate payments sent there. Don't bother with a wallet on your computer because it can be robbed via malware. Get a hardware wallet.

    Then only when you want to convert to cash should you move your funds through an exchange. While this will only give you one level of indirection and not necessarily hide anything if they are searching more than 1 level deep in your transaction history, it is primarily for the safety of your BTC.

    There's a saying in Bitcoin: not your keys, not your Bitcoin. What that means is that if you are storing all your funds on an exchange or an online wallet that does not give you the private keys to your wallet (like Coinbase), in reality you are giving your Bitcoin to that exchange in the hope that they will give it back or let you exchange it for something else. Most have no guarantees. So if they disappear or go under or get hacked like mt.gox you're going to be very sorry.

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    Quote Originally Posted by sweetbet View Post
    Their so-called condition is plain stupid as anyone can transfer the funds to another wallet such as electrum before transferring the amount to coinbase to store or trade.
    Yet they catch many people this way. We had to create two guides (btc - eth) for our customers to show them how to set up both Coinbase plus an online wallet to help them avoid making the same mistake of depositing directly to a "gambling" website.
    Last edited by PROFRBcom; 4 December 2017 at 10:15 am.

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    It's not a stupid condition given Coinbase's location and the US attitude to online gambling. It's a business fact of life and they have to deal with the legislation and restrictions as they stand. They have no option but to play KYC - and basic verification of source/destination - otherwise they won't have any sort of operation.


    It's this current US restriction that has programs using crypto rather than USD, because they are getting knocked back from 3rd party processors all the time with problems that source or destination is linked to gambling.

    People have to learn that most Crypto is not anonymous even if it looks like a string of numbers - it is traceable - and you need to stick a wallet in the way of transactions to provide some sort of separation from source.

    If it's your business then I'd probably put two wallets between source and exchange and accumulate coins or at least move different amounts.

    eg: Multiple Clients -> Wallet 1 (accum) -> Wallet 2 -> Exchange

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  35. #18
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    Quote Originally Posted by TheGooner View Post
    It's not a stupid condition given Coinbase's location and the US attitude to online gambling. It's a business fact of life and they have to deal with the legislation and restrictions as they stand. They have no option but to play KYC - and basic verification of source/destination - otherwise they won't have any sort of operation.


    It's this current US restriction that has programs using crypto rather than USD, because they are getting knocked back from 3rd party processors all the time with problems that source or destination is linked to gambling.

    People have to learn that most Crypto is not anonymous even if it looks like a string of numbers - it is traceable - and you need to stick a wallet in the way of transactions to provide some sort of separation from source.

    If it's your business then I'd probably put two wallets between source and exchange and accumulate coins or at least move different amounts.

    eg: Multiple Clients -> Wallet 1 (accum) -> Wallet 2 -> Exchange
    Good tip on multiple wallets before even getting to the exchange. I'd also add in the recommendation to separate clients by wallet (easy to do within one piece of software) and sign in to your non-US VPN before doing any Bitcoin transactions.

    Sure, but Coinbase seems to voluntarily go beyond what's required of them by KYC/AML/FinCen. That's where they get their rightful grief.

    I've literally seen identical paths of transfer to other major US-regulated exchanges go without a hitch, yet Coinbase interrogates them like criminals trying to get Top Secret clearance.

    Coinbase seems to want to become the major bank of Bitcoin. Lack of privacy, interrogations of customers, lack of customer control. Some people still like big banks and others don't.

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  37. #19
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    **** just when you think coinbase would look after its customers..

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    Tommorow Will start a boycott against coinbase because of segwit

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