They only appear to care about the customer experience when someone complains on social media, until then they have a history of being jerks to their users.
They closed my account after I made a (relatively small) wire transfer after not using their service for a while. The year before I made much larger transfers that didn't seem to concern them. Suddenly I needed to provide them with lots of financial information.
The law sucks and I don't blame them for this. But I have provided them with more than enough information to prove all of my income is legitimate, including years of tax forms regarding the income and other crap they absolutely did not need to look at.
What bugs me is that they continued to ask me for this information, which took time for me to compile for them, and they ignored me anyway after I provided everything.
Another thing that bugs me is that (they claim) their support desk software is the most secure method of sending them sensitive documents. Ridiculous. The icing on the cake will be when their system is hacked and I lose a lot of important documents that I was under the impression they would be removing, but clearly haven't.
Real banks will ask you for Driver Licenses and SSN when you open a bank account with them.
Information on DL has your height, eye color, address, telephone number, your photo, your finger prints. That's why they don't need to ask for your income again.
However, I tried Coinbase and will not use them ever again.
I and many other fellow countrymen have had that experience with Itaú (largest bank in the southern hemisphere). Paypal seems to be a popular source of complaints regarding frozen accounts too.
No, I didn't conduct any illegal transactions. I thought that would be obvious from my second comment. Somehow you believe I would waste my time complaining about Coinbase yet be at clear and obvious fault?
That's a dumb, deliberate misreading of my comment and a ridiculous jump to conclusions. I have done nothing illegal.
I said clearly that I made _one_ transaction (a wire transfer) and I said clearly that they questioned me on my income. Their concern is "where did you get your money" to which I answered them thoroughly.
Does it matter? In what world is Coinbase a judge, jury and executioner who can determine if a Bitcoin transaction is 'legal' or 'illegal' with absolute certainty?
The law absolutely requires them to stop doing business with - and report on - people who they have good reason to believe fall into money laundering, terrorist financing and other KYC financial crimes categories. Their safest - and cheapest - way to comply is use rather shallow and heavily automated systems to score their customers and react accordingly.
They closed my account after I made a (relatively small) wire transfer after not using their service for a while. The year before I made much larger transfers that didn't seem to concern them. Suddenly I needed to provide them with lots of financial information.
The law sucks and I don't blame them for this. But I have provided them with more than enough information to prove all of my income is legitimate, including years of tax forms regarding the income and other crap they absolutely did not need to look at.
What bugs me is that they continued to ask me for this information, which took time for me to compile for them, and they ignored me anyway after I provided everything.
Another thing that bugs me is that (they claim) their support desk software is the most secure method of sending them sensitive documents. Ridiculous. The icing on the cake will be when their system is hacked and I lose a lot of important documents that I was under the impression they would be removing, but clearly haven't.