With Coinbase clamping down on users, I’d be interested to know how people cash out.
Feel free to omit any details you don’t feel comfortable sharing - and if you don’t know what to share, better to share less.
I’d be interested to know:
- What service(s) are do you use to convert crypto into fiat?
- What’s the greatest amount you’ve cashed out at once, or in a short time period?
- What Country are you in?
- Have you ever had funds taken from you due to regulations?
NOTE: In the interest of protecting newbies, DO NOT INCLUDE LINKS. Newbies: DO NOT TRUST ANY LINKS.
I’ve had zero issues with Coinbase. What do you mean by clamping down?
The only people who are having problems with Coinbase are people who can’t pass simple KYC. Why can’t you KYC OP?
Frankly it could also be tax related. For some reason my government feels entitled to a portion of my crypto profits not the losses though.
We live in a society
I’ve been fully KYC’ed on Coinbase for many years. Not interested in having funds arbitrarily locked for months at a time because they believe they are protecting me from scams.
Ever heard of a thing called privacy?
This is how the entire regulated financial system works. Grow up.
You should see what you allow when you connect an account to an exchange. All transactions and shit like that.
If that was your concern you wouldn’t be going on a public exchange then
So, my 3-week lock on a 4-year account that is used regularly was because I can’t KYC?
I deposited $500 directly from the bank and was prevented from doing anything with it for 3 weeks, without explanation.
I was not requested to provide any additional information I was simply told to wait.
Never cashing out, doesn’t make sense
Not sure what you mean by Coinbase “clamping down” on users. If you want fiat there shouldn’t be any issue selling on Coinbase and transferring to your bank through ACH transfer.
- Coinbase
- The Netherlands
- No
- The Netherlands
I got very annoying questions from my bank once after a couple of “irregular” transactions though.
The Dutch banks are pushed by the government to do invasive, and privacy killing, aml checks.
And these weren’t even really large transactions, related to reputable exchanges only.
That said, it looks like they accepted my explanations as they didn’t close my account.
Same here. Some time ago transactions to send money to Binance didn’t go through. Contacted them to ask why and the reply was Binance, crypto, unsafe, bla bla bla. Told them i knew what i was doing and after that they approved it. That was the only time i got questions.
Now using Coinbase to cash out mostly and sometimes Bitfavo, never had any problem with them (yet). Using ASN bank.
Using ASN here too, they threatened to close our account if I wouldn’t reply within a couple of weeks. Saw it too late as we were on holiday. It made me quite nervous, as there was no way I could reply in time. Of course it would likely be the same for any other bank.
They never denied any transaction, but I never transacted fiat with Binance, only Kraken and Bitvavo.
The handling by the aml department was a fucking mess by the way. They lost the private documents I sent them using their highly secured “black box”, as they called it. Later they somehow found back the documents somewhere on another PC, while they initially promised the documents would never leave their “black box”.
Incredible.
Even if I were to convert some of my funds back to fiat, it wouldn’t be through one of the main exchanges. Everything is in cold storage wallets.
Very interesting how evasive people are when you’re asking such a basic question. Especially as it pertains to how much people have cashed out.
It makes you wonder how easily people really can cash out and how much liquidity there is in the market when everybody kinda implies they have a ton of crypto, but nobody will really say how much.
Personally I think most people don’t have hardly any, or they bought in and are negative and don’t want to think about it.
In a general sense, you don’t cash out. That’s not the way the market is designed. Money goes in. Exchanges steal it. Money doesn’t come back out.
I cash out all the time. Just not all of it. Thats why theres staking. People need to eat, drink have health care and shelter.
Your own biases are wrong and its easy to see you are still ‘down’ a lot and you aren’t earning against it; and you just watch a single balance and sit around wondering, or hoping, that most are like you.
I’m not. I’ve sold many tops. I sold the recovery. I bought some more and now I’ll sell some more when I need money and the market gives me more than what I paid. If you aren’t doing this then you mine as well take up collectables trading before telling people to give up traditional banking.
Before the merge I made thousands and converted thousands to cash. I’m not sure what you are really looking to find out?
Can you make a good case for cashing out everything? If so, please include the number of figures in your portfolio.
I plan on keeping things on chain and making withdrawal to fiat when I need it. After years and years and six figures of transactions I’ve never had a problem with Coinbase, just remember to keep the withdrawal well under $10,000 USD as that’s the threshold where alerts are sounded at banks.
If I ever had problems with Coinbase I’d probably either use bisq or use my dual nationality to open a bank account and do KYC in my other country.
- I go the random houses and knock at the door
- 60 Tanzanian shilling (TZS)
- Tanzania
- Yes, every day
Coinbase is “clamping down on users?” What does this mean?
as carefully as possible
- Coinbase (USDC-> USD)
- single-digit thousands
- US
- No, but I’ve not been able to access airdrops due to regulations
What the fuck does cash out mean?
There are guys that will give you cash for crypto (and vice-versa), basically any amount is fine, for 5% fee