Coinbase shutting down my account, can't withdraw 40k EUR

Hey there, I'm not really into forums or the whole community scene, but I’m kinda at my wits’ end here and could use some advice. I run this small crypto biz, but I’d rather not go into details to avoid getting accused of advertising or something. Basically, we act as a middleman selling crypto to end users. We follow the rules, doing everything from user ID verification (thanks to Veriff) to SMS verification via nexmo. We had a verified Coinbase Prime account for liquidity. We went through their entire business onboarding and KYC process, which included sending them our risk and AML policies. They understood our operations and gave us the green light after about two weeks. Everything was rolling smoothly until September came. Out of nowhere, they hit us with an account closure notice, which flipped our operations on its head since we had to scramble for a new liquidity provider. We eventually found one, but it cost us three days of business and some cash on top of that. They didn’t give us any reason for the block, and there were no warnings about anything we were doing wrong. That’s not even the craziest part. Just hours before they closed my account, they froze a deposit of 30,000 EUR. Added to what was left in my account, I had a total of 40,000 EUR that I should be able to pull out. But when I logged in to withdraw the money, my EUR balance showed as 0. It’s like they wiped it all out!

Hmm. I had no idea that Coinbase allowed reselling at all. The two most common options for gaining attention will be tweeting about it and tweeting them and getting on r/bitcoin and starting a thread there. Everyone hates Coinbase so it might get good visibility and it might spur them into action.

Reading through, I can understand the frustration you are going through and the annoying thing is the fact that no one is providing an explanation. If you have complied with all of their rules with the KYC, I think they owe you an explanation as to why there is an embargo on your account. Even banks, if they place a lien on your account, they might not reach out to you but the moment you get to the bank either physically or online, they provide a response or clarification when necessary which boost confidence in the industry and if they don't there is always the regulatory body to report to that would take it up to ensure the issue is resolved. Just like the poster above have said, businesses in the crypto industry who felt so big and when entreaties fails understand one language which is ''Call Out'' on social media and that is your tool that you can use now. The amount of money might be small to them but to a business like yours, its a lifeline that cannot be toyed with. I only wished there is a regulatory body that can ensure the right thing is done by these set of maxi-companies in crypto.

How long youve been waiting for their supports reply? If it do takes too long already then you can spam out of their social media mediums. https://support.coinbase.com/customer/en/portal/articles/1766604

If you want to withdraw all the balances in the coinbase account and never want to use their service means you can request for account cancellation here : https://www.coinbase.com/settings/cancel by doing this you can withdraw the balance on your suspended account.Did you violated any of their terms in the recent days? Possible reasons for suspension and termination could be found here source : https://www.coinbase.com/legal/user_agreement

maybe they fundamentally misunderstood the business model during the onboarding process. some activity of your company's must have triggered their AML risk controls. in fact it sounds like maybe the 30k euro deposit did it. over what time period have you not received a response---days? weeks? as an onboarded institutional client (extended KYC) i would think your situation would be sorted relatively quickly. they're known for closing individual accounts who appear to operate as MSB (like LBC traders performing arbitrage) but i have no idea what their policies are for institutional accounts. there aren't too many institutions posting their experiences on reddit after all. ^^^ do this.

Hey guys, Thank you for all advices you gave me. Basically all of you is advicing to try our luck on social media. For now we're still waiting for their answer (it's above 2 weeks) and well, if there still won't be nothing, we'll try social media. I will also keep you posted here in case of any updates.

I have a feeling that you have just been flagged with the suspicion of money laundering. Did you disclosed your business towards Coinbase and are they fully aware about you being the middleman for them? I see several cases here but its really either a flagged in money laundering or Coinbase doesn't want any association with you because you are acting out as an unofficial middleman for them. I don't know certain EU laws but its more likely just those two. Try calling their landline or any phone number you can call them don't just leave them messages as their online support sucks.

They screened my business model before approving the account and it hasn't changed since so I don't think that is the issue. Moreover, our business has been also screened by banks and we managed to successfully open bank account. We also got detailed check by law firm specialized in crypto - this was requirement of our payment service provider (we accept payments via sofort, ideal, sepa and others, soon also cards). To be honest I don't really want them to even disclose the reason, I just want them to send my money back. We already found other solution that works just fine.

Maybe they were not expecting so much money to be going through your account? You were in a way at fault here because they gave you 2 months notice and you did not remove coinbase address from your site and allowed your clients to keep sending money there which resulted in the last big deposit arriving hours before the account was closed. It was very irresponsible of you as a business owner. They have the right to close your account but should give back the money. Keep on contacting them and hire a lawyer if you can and make them send coinbase a letter.

I don't understand even in the worst case scenario why they would have the legal obligation to hold your coins. I mean after all, you've passed their initial screening, completed KYC AML and the whole suite of verification processes. I'm not sure what else they would want from you that is absolutely a necessity. It seems a hell of a lot like they are taking advantage of this situation by being completely unresponsive, since they are now holding onto your funds without consent. Their support has never been good, but I certainly expected an improvement after this many years of development.

Is there any rule or level of account to make the payment kind of stuffs. I never see the people using coinbase recent days because of the recent market fall and no big presence for the projects. They need to understand when there no value they cannot anything and if do not allow means split the transaction and do the payout buddy.

this is not the first time they are doing this and they close the accounts AND confiscate coins in most cases as has already been suggested in the topic , try to create media fuzz by writing about it on twitter, reddit , facebook etc. basically , everywhere you could reach and hope that they would think that returning 40.000 is better than hurting their not-so-clean business reputation even further if nothing helps I would consult a lawyer and see if anything could be done legally to get your money back

Can you point to any thread or comment that confirms that? I've never heard of anyone being deprived of their money and there are definitely no legal grounds for them to do so unless it's from a confirmed theft and there's some sort of warrant on them. I would expect someone who was subjected to that to be louder than ever. I assume they get quietly resolved and go elsewhere. Could be wrong though.