Why Coinbase is Closing Accounts: The Details Are Here
For the last couple of months, there are a number of coinbase users who are complaining about their accounts being shut down on Coinbase.
the question is:
Why Coinbase is Closing Accounts?
Coinbase has a reputation in the Crypto industry and is one of the leading exchanges in the world.
There might be several reasons for accounts being shut down, but the one thing that we can not deny is that people are no longer going to trust any online exchange available there.
And, the FTX has played its role in changing the way people think about crypto.
What IS The Reason For Coinbase Accounts Being Shut Down?
In every case, there might be a different issue faced by the user, however, the most common issue that people talk about on social media is the “violation of Terms and services”.
And they claim that they have not done anything wrong like violating the terms and services.
So what to do as a crypto user even if you do not have big funds in your account?
In this article, I will look at the ways you can do to resolve the issue.
How To Recover The Coinbase Account
Here are the necessary steps that you must take to recover your closed account on Coinbase.
Step 1- Contact Coinbase Support immediately
The moment you get to know that your account has been shut down, the first thing to do is to contact the support team as soon as possible.
Send them an email and explain what happened to your account.
This is the most legal way to get things back to the point. If you have not done anything against their policy, your account should be recovered and running.
Step 2- Withdraw Funds From Coinbase
Despite your account being shut down, you can still withdraw your funds from the Coinbase account. And this is something that Coinbase should be praised for.
Once you have withdrawn your funds, then you can relax and close your account then.
You can withdraw your funds in crypto to another wallet or exchange.
However, withdrawal of local currency is also available and you can do it by entering the bank account that is verified by Coinbase.
Step 3- Avoid Telling Others About Your Account
In case your Coinbase account is closed, do not tell about this to anyone except coinbase support.
There are many people and parties who are misleading users in the name of account recovery just hacking their accounts and funds.
Do not share your account information in any way without the coinbase official.
Do not use social media to get a way to recover your account again.
In the world of crypto, privacy and keeping your information about your account and funds secret is a must.
Just a single mistake will leave you at risk of losing all your funds.
If your Coinbase account is closed for any reason, you can still withdraw your funds from there. However, it is very important to contact the Coinbase support team and tell them about the issue.
And finally, do not share your account information or whatever happened to your funds with anyone on social media.