C0inbase closed my acct

Geneseo

Geneseo

Member
Joined
Aug 4, 2020
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83
Got the c0inbase equivalent of a LL. Anyone else? I'm wondering if they're on to a specific vend0r?

 
@Geneseo seriously????  Damn I have not heard of that from any crypto seller.  Definetely curious to find out if others have received the same LL.   Do you have a lot of funds wrapped up with them?  Sorry to hear that happened but hopefully you can jump somewhere else.

 
I’ve definitely heard of it.  Coinbase does it regularly.  They have one of the best blockchain analyzers around and rent it to the DEA and other gov agencies.   Heard of Cashapp doing the same thing tho not near as often as Coinbase, and most of the time i’ve heard of it it was not related to btc but just cashapp to cashapp purchases.   One reason you must always send to an external wallet prior.  Sorry that happened to you and yes, hopefully it’s easy for you to hop on a different exchange!

 
@Geneseo  Definitely freaky!     A good option might be to transfer what btc you have to an external and after you spend what you have in that external wallet, open up an entirely new wallet so that it wont be tied to your coinbase account (if theres a little bit left in your current wallet after, dont send it to your new wallet!).  Or i guess you could just sell the btc and transfer the cash to your bank lol.  Not sure theyd let you do that.   Alternatively you could "scrub" them with monero transfers.   Options, options options lol.   But anything youve done with your current external wallet would be easily trackable back to your Coinbase acct, so starting fresh after you spend what you have would be good idea if you are worried at all.  Take care and sorry that happened!!

 
@Geneseo sounds like their making a general sweep of things with their business.  You'll be fine.:)

 
Geneseo said:
Got the c0inbase equivalent of a LL. Anyone else? I'm wondering if they're on to a specific vend0r?
Click to expand...
That is scary as hell and read through. It appears so. Keep us updated and good luck.

 
Wow, that's interesting. I've been using Coinbase for almost 4 years now. I retain an average balance of usually around $500 in BTC (obviously depending on the market) but I never touch that and i simply purchase the crypto I want to send moments before sending it. I've made a ton... well hundreds anyway, of transactions this way, but I always purchase the BTC via my actual bank account or most often with the debit card attached to my bank account. Never had an issue and the fees are minimal. 

I have, also in the past, easily transferred my Coinbase assets back to my bank after converting them to cash. It's been awhile since I've done that though.

Shit. Sounds like it's time to rethink my haphazard way of sending payments out.

 
@wjazz  Definitely recommend sending to external wallet before sending to vendor.  This will prevent Coinbase from closing your account.  I believe what happens is someones btc address gets reported or flagged as "illegal" in some way, and Coinbase closes every account that has directly sent to that btc address.  Covering their asses legally.  Ive never heard of someones account being closed who sent to external first.  Of course you lose a couple dollars in fees that way, but worth it in the end to prevent account closure.

 
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Geneseo said:
Got the c0inbase equivalent of a LL. Anyone else? I'm wondering if they're on to a specific vend0r?
Click to expand...
Yes, c0inbase shut down my account within a month. I thought the "empty your wallet  immediately so we can delete your account" was a bit dramatic and took my time to do so [i had like 75 cents in it] lol. I've attempted to create accounts there again a couple of times (just to see if I can slip thru lol) and it will let me create it and then instantly send the "you've violated the TOS" and suddenly I can't log in anymore. 

This was years ago, and the only two places I ever sent to [stupidly, directly from the c0in wallet] was a donation for the forum and an mmj vendor who has been gone for years. So yes, if they can confirm a ttransaction with an "illegal" wallet address, they will take down anyone that has had a transaction with that address.

Ca$happ never approved me for buying btc, and would never give me a reason even after I went up the Chain of Command in their customer service.

The BEST experience i've had is with the app  Bl0ckchain. It offers the same immediate crypto delivery, as well as giving me no hassle at all. I read about it here on DBG and it has seriously never let me down.

 
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@Geneseosorry if I sound too spooky. It seems just to be a ll from CB. So there may be many of those going forward. Many while some ved$$$ord are regrouping, we all should. I was doing them the same way as someone else mention, load it when I am ready and send it out. I sure hope it does not take a tech degree when all the “reach outs” are finished.

Cheers to all, hoping this is a good week with some wins for the home team.

 
This happens  regularly in the Uk. I use another few groups apart from this one and I hear of this happening. There are a few well established UK vendors who if you make one payment to their wallet straight from CB you get banned. Use an external wallet guys.

 
Thanks @DoomKitty...What I liked about CB is it's essentially "crypto for dummies" which works well for me, lol. ... a one stop shop that did it all for you.

 I've got a bchain wallet but if I remember correctly that cost a fortune in fees? I think I did a $10 test transaction that cost me a $9 fee. I'll have to look. I think there's something about the state I live in not being able to purchase via them.. but I guess I could simply send from CB to them. I better start looking into this stuff. 

Ive also have a "fee-nix" wallet that I've used once or twice & I believe was super fast and I think low fees. Again, I'll have to look. I mean, honestly, I don't even know if these are considered external wallets..thats the territory where I start getting confused...lol

If the above are external wallets...cool. If not, any recommendations? I'm in the US if it matters.

 
@wjazz I would use Electrum if on desktop.  ALWAYS download from their website.  Don’t even download in app.   If on mobile i like Blockstream Green wallet.  Blue wallet is also good.  None of these will jack fees.  Blockstream Green and Blue wallet both have a fast/med/slow option making fee setting easier for noobs but also allow for custom fees.  Electrum only allows for custom fees so that can be a tad trickier for beginners tho there are many sites that tell you current fees.    You will still need an exchange of some sort to actually purchase the bitcoin of course.  The external wallet just allows you to own your wallet keys and provides the buffer between the exchange and the vendor so the exchange won’t close your account if the vendor is flagged.  If you have other questions/concerns/issues don’t hesitate to PM me!

 
@DoomKitty Electrum is super confusing for me.  I will try Blockstream per your recommendation.

As a general update, nothing came out of the account closure. 

 
@Geneseo

I don't understand why vendors are so lazy. It's really not hard to provide a unique payment address for every order so it's harder to flag any address as belonging to a vendor.

I think you should really consider Feather wallet (a Monero/XMR wallet). Buy BTC from Cash app, send to FixedFloat.com where you exchange it for Monero/XMR (FF will provide you with a BTC address to send your BTC from Cash to, and will ask for an XMR receiving address, which you can generate from your Feather wallet and where it will send your funds to).

I think being banned from a major KYC exchange over suspicious transactions is concerning enough that you should go high fidelity with your OpSec. Dealing in XMR is the gold standard for privacy and OpSec.

 
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