COINBASE IS RESTRICTING PEOPLE’S ACCOUNTS, CRUSHING AND CAUSING FRUSTRATION FOR USERS WORLDWIDE, PART 1

COINBASE IS RESTRICTING PEOPLE’S ACCOUNTS, CRUSHING AND CAUSING FRUSTRATION FOR USERS WORLDWIDE, PART 1

By Ninidubr | Nikki's view | 18 Dec 2020


December 16th 2020

It is early morning. I am sipping my coffee and checking crypto prices on my Coinbase portfolio. Bitcoin is somewhere around $19 700. I see my Uma rose 30% so I decide to convert it to Bitcoin. As soon as I clicked to convert, a screen pops up saying my account has been restricted.

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Next time I logged in using my computer, because earlier I used an app, and there it was, a window telling me to verify my ID for the millionth time in the last month. So, I did it again, and….nothing.

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I am not a nervous person so I simply opened a ticked through their Support and taught it would be taken care of. I’ve also sent a message to Coinbase support on Twitter thinking it would speed things up.

I am so gullible.

But, a half an hour passed by and I decided to check on social networks what is going on. That is when I started worrying what will happen with my crypto. I’ve encountered so many tweets and reddit posts of people claiming the same thing happened to them as well. However, many people were also saying they cannot access their Coinbase account, or they can, but it freezes. I must admit, although I feel bad for everyone in this situation, I couldn’t help but to feel a relief for not being alone. I realized, it’s not about something I did wrong, but about something Coinbase does wrong.

I started my research and realized people have this kind of issues all the time, but in a recent month more than usual.

I’ve had an account there since 2017 and I was very pleased by it. Over the last year I’ve read a lot of posts of people badmouthing Coinbase, or complaining about issues they have or had with that exchange, or their Customer Support, but I was always thinking to myself, I am quite happy with them, these are other people’s problems and I am very pleased with Coinbase overall.

Until it happened to me!

I’ve been advised by one user on Twitter to login with my computer and verify again and then, the problem would be solved. So I did it. Under my account settings everything is completely fine, I am verified.

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As soon as I login I get a verify window, I go through the process, Coinbase tells me I am verified and on a homepage there is a red window quote: “After we verify your identity, you’ll get access to all other account features, including buying and selling crypto.”

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But then, soon I get a new red warning, quote: “Please verify your identity to get access to all other account features, including buying and selling crypto. You have until November 15th 2021 before your account will be subject to off boarding.”

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When you get that kind of a threat and your hands are tied, that is when you start feeling mad, disappointed, helpless and frustrated.

Well, I’ve decided to wait until Customer Support sends any kind of e-mail.

December 17th 2020

Bitcoin surpassed $23 000. Congratulations to the whole crypto world and believers in the king himself!

I’ve missed on some excellent trades I’ve had in mind with crypto I have on Coinbase. I have accounts on other exchanges, because I do believe you shouldn’t keep all of your eggs in the same basket but still I feel ripped off.

To my big surprise, I’ve got an e-mail from Coinbase support! They tell me my account is limited to “withdrawal only” because I need to complete identity verification on Coinbase.com. I have to admit, I started laughing. They even wrote how to verify my identity.

Needles to say…….I can’t withdrawal anything.

As I mentioned already, I never put all of my money, crypto or fiat in one place. My modus operandi so far was: Play with small amount on Coinbase, just for fun, make larger purchase on Binance, trade on eToro and Poloniex and save in Bitcoin and Ethereum on Blockfi. I am especially pleased with Blockfi and in future I intend to write a post about my experience with the platform. The interests I’ve got so far where larger than what I could have gotten from any traditional bank. And also, as the price of Bitcoin and Ethereum rose, so did what I’ve actually earned from Blockfi, meaning, when the prices go up, your interest is even higher than in the moment it is deposited to your account. In case anyone reading is interested, you will get 10$ worth Bitcoin if you hold your crypto there for a month and sign up using my referral code:

https://blockfi.com/?ref=e479b409

If you do, thank you!

My other concern is Flare Network Spark token airdrop. I have XRP coins on three different locations, one of which is Coinbase. I am not one of those waiting to get Spark just to sell it. I think it has a very big potential and I will claim my Spark and HODL it to see what happens. So, what if my account issue doesn’t resolve until the Spark claim starts?

Patience is a virtue I guess!

Image by Ribastank from Pixabay

December 18th 2020

I am a patient person, I don’t get mad often and when I do it doesn’t last long. Since, I have ongoing problem with Coinbase third day in a row now, I’ve decided to write a post on Publish0x. I want to express a great gratitude to people behind Publish0x for running the page and giving a chance to people of sharing their experience, good or bad, for giving us opportunity to learn and share knowledge in the world of cryptocurrencies. I love this new world being created in front of our eyes and despite all of the problems we encounter, just like everywhere else I will keep acting as an ambassador for a lot of cryptocurrency projects, because I strongly believe they are making a better world.

To all of you experiencing same or similar problems: I hope this post helps you, or at least comforts you. I’ve named it Part 1. As soon as anything changes, I will publish Part 2.

Take care and stay safe!



Nikki's view
Nikki's view

Sharing my taught through deep blue seas of internet about some of my passions gives me an opportunity to discuss views that matter to me and all of those who read. Since 2017 I am learning about cryptocurrencies as much as I can and all though I have economics MA I am still learning and trying to bring good decisions while trading with crypto. Through my blog I share my experience, learning curve, ups and downs hoping I'd make some difference!

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