Can I sue Coinbase for holding my funds?
The agreement mandates that all disputes be resolved through binding arbitration before the American Arbitration Association, or AAA. This means that users cannot sue Coinbase in Court. If you or someone you know wants to commence an arbitration against Coinbase, please contact our law firm by calling 800-767-8040.
Coinbase's user agreement requires you to either pursue out-of-court relief through a process called arbitration or file your lawsuit in small claims court. Bringing legal action in either arbitration or court is an involved and complicated process.
After the broader collapse of the crypto industry in 2022, the SEC ramped up its efforts, suing Terraform Labs as well as exchanges including Coinbase, Binance, and Kraken.
What does “funds on hold” mean? Funds on hold is the local currency value of any recently added cash and any crypto purchased with that cash, that is held for a specific amount of time. This hold period is calculated based on many factors such as account history, payment activity, and transaction history.
If you would like a refund, please contact the merchant directly. All transactions made with cryptocurrency are direct peer-to-peer payments from the customer to the merchant. This means that once a payment is sent, there is no way for Coinbase to reverse the transaction or reclaim funds on your behalf.
US Customers
The written complaint must include all required information, including your Coinbase Support Case Reference and be mailed to Coinbase Inc., 82 Nassau St #60178, New York, NY 10038. Please allow an additional 10 days for processing when using postal mail submissions.
Transactions on Coinbase cannot be reversed if you have been scammed. This is because once a transaction is confirmed on the blockchain, it is irreversible. The only way to get your money back would be to contact the person who scammed you and try to get them to send the funds back.
On June 6, Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin each filed enforcement actions against leading cryptocurrency exchange Coinbase and its parent, alleging that Coinbase's staking rewards program constituted unregistered securities sales in ...
2023 ended up being a banner year for Coinbase (NASDAQ: COIN) as the stock rose more than 400% in value. Some of the gains were driven by a bounce off extremely low valuations, but a lot of it was driven by a recovery in the crypto market.
The SEC sued Coinbase in June, alleging the exchange violated federal securities laws by operating as an unregistered broker, exchange and clearing agency for cryptocurrencies that were securities, naming 13 tokens as examples of coins it believed met those requirements.
How long will Coinbase hold my money?
For US customers, Coinbase uses the ACH bank transfer system for transfers to your bank account. The ACH bank transfer system typically takes 3-5 business days to complete after initiating a sell or withdrawal. Coinbase will deduct the balance from your source of funds and begin the bank transfer immediately.
If you are unable to sell or withdraw from Coinbase, it could be due to one of a few reasons: There are restrictions in your region. You are a new account holder. You haven't completed the verification.
The ACH bank transfer system is used for payments with your bank account and typically takes 3-5 business days* to complete after initiating a purchase. The timing will be displayed prior to confirming your order.
If funds aren't accepted by the recipient within 30 days of the send, they'll be returned to your account.
Please report any Coinbase phishing sites you encounter. If you are a victim of a phishing attack, please immediately take action to secure your account by changing your email and Coinbase password. If you have further questions or suffered a financial loss due to this attack, please contact our support team.
Cryptocurrency payments typically are not reversible. Once you pay with cryptocurrency, you can only get your money back if the person you paid sends it back. But contact the company you used to send the money and tell them it was a fraudulent transaction.
This restriction may be applied for several reasons
Our security team suspected that your account was being targeted by a malicious user. We detected a security issue with your information when processing an account recovery.
Law enforcement only
Criminal subpoenas and official requests for criminal matters should be submitted here. You'll be prompted to create an account before you can submit a new request. Any other questions from law enforcement can be sent to subpoenas@coinbase.com.
Sanctions Coinbase is committed to complying with sanctions laws and regulations administered by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), as well as other applicable sanctions laws and regulations in the jurisdictions in which Coinbase operates.
Contact your bank immediately to let them know what's happened and ask if you can get a refund. Most banks should reimburse you if you've transferred money to someone because of a scam.
Can Coinbase lock your account?
In extremely rare circ*mstances, and only where required by law or authorized by the Coinbase User Agreement, Coinbase may block or "freeze" customer funds on our platform.
Coinbase has built its reputation as a trustworthy, reliable, and secure crypto exchange platform. It uses robust security measures to protect its users from losing their funds or data to hackers. To name a few, Coinbase stores more than 90% of its customers' funds in what's called cold storage.
Coinbase's Consumer Legal team also enables access to new crypto assets and works on the wild side of self-custodial wallets, web3, stablecoins, dapps, DAOs, DeFi, NFTs and more.
The SEC sued Coinbase and its larger international rival, Binance, in early June, accusing both companies of running illegal exchanges. The suits marked a major escalation of the SEC's campaign to rein in the crypto industry after years of allowing it to operate in a regulatory gray zone.
Coinbase staff reviews accounts for any activity that violates its User Agreement or other legal compliance reasons. In these cases, the company may freeze the account until further investigation is complete. It's important to remember that any funds held in a frozen Coinbase account are safe and secure.
References
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