I just signed up for a Coinbase account Saturday. I uploaded my state real-ID driver's license (which is supposed to function as an official ID) with my current correct address. I added a verified bank account I've had for over 20 years (already verified through another Plaid service). I made a SINGLE tiny bitcoin purchase to test Coinbase because I've read so many negative reviews about the company, despite the company's size. A company this big can't be involved in so many negative customer experiences I wrongly thought.Within a single day, Coinbase emailed me that they'd removed my bank account and that my account was under fraud review. No explanation about why. After a long back-N-forth with customer support, I was told I'd need to go through an even more invasive KYC process including uploading a video of myself!!! Google the report from July 11, 2024 in which Coinbase customer private data--names, addresses, bank account information--were STOLEN from Coinbase (just one such incident), imperiling customers whose private data were now out there for bad actors to use. Coinbase never compensated these victims, many of whom will suffer the data breach consequences for many years to come. But still Coinbase's customer support agents assure customers that our data are safe with Coinbase.Coinbase ruined our business relationship in under 48 hours. Consumers need MORE Fintect regulation and protection, not less. Now I'm in a battle with Coinbase to get the money from my SINGLE purchase back. I'll be closing my account as soon as I can. Please heed the many, many warnings about doing business with Coinbase. They're worse than legacy banks that have to follow very strict regulations. Because typical local banks are local brick and mortar institutions, they have on site representatives who MUST deal with you if these kinds of shenanigans come up.NO to Coinbase.***Reply to Coinbase's Request For More Information***I've already spoken with CoinBase Support via chat from my account. The chat agent was firm that I have no other options. He explicitly told me I need to undergo more invasive KYC in order for my one-day-old (at the time) account to be unlocked. I've already uploaded my US "Real ID" driver's license. After decades of online business, the only time I've ever suffered identity fraud (social security, address, driver's license, passport info theft) has been within WEEKS of doing my first KYC. I will not add to the harm my family's already suffered by now adding videos of myself that could also be stolen. Who protects consumers when our data are stolen in these very common corporate data breaches? The CB support agent didn't give me a case number and even if he had, I wouldn't disclose it as I'm afraid of suffering more negative repercussions. Consumers have little protection when KYC compliance officers reject our documents even after our money has been transferred to fintech companies. I just want my money back (or the release of the purchased crypto to a private wallet) and then will be happy to close my CB account and never do business with your company again.
