OK so I dont know where to go with this so I am hoping someone from this community might be able to shed some light on whats happening with my account. Ill start from the beginning:
I opened a coinbase account back in October, went through and passed the KYC requirements, funded my account with my bank, deposited some fiat and went to make my first crypto purchase only to find out that 'Buys have been disabled" on my account.
I contacted customer service about the issue and was informed of the possible reasons that buys were disabled which were as follows:
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Due to violations of our [User Agreement (https://www.coinbase.com/legal/user_agreement), Coinbase may disable access to buy/sell services on your account for reasons including, but not limited to, high risk of fraud. If this happens, you will maintain the ability to transact with crypto, and cashout any funds in your cash balance, to a verified bank account. Only buy/sell services will be disabled.
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Your account may not be recognized as a trusted payment source. Coinbase uses an automated system to help us protect the community and our site from fraud.There are two common reasons for this:
- If we’ve received a chargeback when attempting to process one of your transactions, it may be preventing us from completing further orders. If you’re aware of any chargebacks or reversals that have occurred on a recent trade, please include this information when contacting us.
- In other cases, we may just need some additional information to confirm your ownership of the payment methods added to your account. If you have not done so already, please make sure there is an ID document uploaded for each person who has information verified on your Coinbase account. This will help expedite our review process.
Note that this was just provided as information, customer service refused to tell me exactly why buys were disabled on my account due to ‘security concerns’. They also stated that my account just needed ‘further review’ which should only take a few days.
Now my account was brand new, has never had any transactions that could be considered fraud, my bank approved the deposit without issue, and as I stated I completed the KYC process including uploading ID documentation. So I waited 5 days before contacting customer service again.
This time I was informed that buys would still be disabled for my account and that the next time I could request a review would be 1 month from the date of the prior review, specifically November 7. I was assured that everything would be taken care of during the next review. So I waited a month, and on November 7th contacted customer service again.
I got the same run-around, the exact same responses as if cut and paste from a pre-written script and was informed that my account would be reviewed again and I should hear back in 3-5 days. So I waited again, customer support never got back to me. I contacted support again and was informed that buys would still be disabled on my account but again could not give me a direct reason WHY my account keeps failing this so called ‘review’ due to security concerns. Again I was told I had to wait yet another month, until December 7th to request another review.
So I waited. Come December 7th the same run around, the same responses, the same result, wait another month.
I am currently in the ‘review’ stage of this rediculous process and still have not been informed WHY my account was disabled to begin with nor what steps I need to take in order to resolve this issue.
Has anyone else had such a terrible experience?