What are the reasons given for the closure of the accounts? I dependent entirely on coinbase and I am now worried that they might close the account with coins in it.
They were not specific. I have one site that uses Coinbase. They flagged my account one time before for review and wanted to know what my site did. My site is an affiliate based site, not a HYIP, not a ponzi, not a matrix; a fully legal site. They fully approved my site. I ran it for 2 years until they closed my account.
They original reason was:
Thank you for your interest in Coinbase. Our primary goal is to make bitcoin safe and secure for our customers. Coinbase is a regulated Money Services Business under FinCEN (FinCEN.gov), and as part of achieving this goal, we are legally obligated to implement regulatory compliance mechanisms.
We regret to inform you that we are no longer able to support your Coinbase account as well as any other accounts you may have created. Please note, we have not blocked access to the bitcoin balance currently in your Coinbase account; while we can no longer process bitcoin brokerage orders via our banking relationship, you may still send your bitcoin balance offsite to an external bitcoin address.
I pushed them for a better answer and got this:
Unfortunately, we are unable to support your business activities due to a recent change in our policy. We are very sorry for any inconvenience this may cause to you or your business.
So what this all comes down to is this... They make a policy change and then they completely close your account if your site no longer fits into their policy. No notification of policy change, no warning, not even an opportunity to come into compliance with the new policy change.
Really sucks having the entire account closed down because I live in one of the states that can use the Coinbase Exchange to buy and sell in real time. Even that is now gone.