Tell HN: Coinbase to require all my info by June '22, or account suspended | Hacker News Reader

Tell HN: Coinbase to require all my info by June '22, or account suspended

5 pointsjoering27 comments

I just confirmed what seems to be a legitimate email. Coinbase is requiring all my info - including social security number, or the account with all my funds will be suspended. Note that other exchanges do not require this.

This was not accordingly to the Terms I agreed upon when signed up with Coinbase. I felt cheated! The whole mission of Coinbase was to make the world smaller because of anonymous and unregulated ways the cryptocurrencies thrive. Now moving forward when Brian (the owner, who changed his mission many times from charging zero fees to charging over 5% per transaction) is requiring all this info or I lose my money.

This is scam and clear case of providing dishonest services.

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Crypto is a taxable asset. Trading crypto is a taxable event. Anytime you create a taxable event information is supposed to be collected and sent to the IRS. If you win a car from a contest or money from hitting a jackpot at a casino that is also the case. Crypto isn't some magical thing that is above the law.

Coinbase survey asks: how much crypto do you expect to trade per year - then goes to say "Coinbase is legally required to collect this information" - can someone point me to legislation or a law where US Citizen is require to tell anyone how much crypto they are going to trade? Also I am unable to answer this question honestly, because I don't know...

It's part of a bunch of laws and IRS regulations, but the biggie here is probably the good ol' USA PATRIOT ACT.

https://www.fincen.gov/resources/statutes-regulations/usa-pa...

thank you but nowhere in this document it says they need to know how much crypto I buy in the future. Coinbase is a scam! They should be investigated and Brian should be behind bars, if there is any justice in USA

Kraken does similar out-of-TOS requests after they are handed fiat.

I mean, it's not like you don't have plenty of time to withdraw.

That's my only option at this point. Funny thing I learnt Coinbase before and after IPO - now you can NOT contact them at all! The only "support" ticket they offer you to submit is with "Coinbase Earn" product. No more help and their email says their FAQ answers all my questions. What a bunch of bullshit. I still remember Brian Armstrong pitching Coinbase idea here on HN in look for startup partner in hopes to change the world and give everyone option to use their money with zero fees. It was supposed to be an alternative to PayPal and true Credit Card killer! How much greed in hopes for more and more profits changes a single humanbeing, so sad. Nothing will change (for better) within our own civilization if we continue to allow greed to lower our standards. Nothing.

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