Coinbase, one of the largest Bitcoin and altcoin exchanges, announced today that it will close their accounts by emailing some of its users. This situation also affected users in Turkey. Here are the details…
Bitcoin exchange Coinbase disables user accounts
cryptocoin.com As we have reported, Coinbase, one of the largest cryptocurrency exchanges, sent an e-mail to some of its users in the morning today. In the e-mail and later on Coinbase’s Twitter account, the official statement states that some user accounts do not meet the standards, so those accounts will not be available from April 9, 2023.
In an email sent by Coinbase, which looks like the following, Coinbase announced that it will disable access to accounts that no longer meet its updated standards for its services. Starting April 9, 2023, users who do not meet these new standards will no longer be able to access Coinbase.com or the Coinbase app. Coinbase stated that users with zero balance in their account will not be affected by this change and do not need to take any action. However, users with balances in their accounts that do not meet the updated standards will need to withdraw their funds before April 9, 2023.
It is reported that many Coinbase users from Turkey also received this email. Coinbase has recommended that affected users switch to Coinbase Wallet, their self-custody crypto wallet that allows them to have full control over their cryptocurrencies. Coinbase Wallet supports hundreds of thousands of tokens and decentralized apps, allowing users to stash crypto, collect NFTs, and more.
Coinbase seeks to increase its reach
Meanwhile, it was recently revealed that Coinbase is insisting on staying in Canada. According to a person familiar with the matter, Coinbase is in talks with regulators about staying in Canada as the country tightens rules for cryptocurrency exchanges. But it seems likely that its bigger rival, Binance, will exit the country. According to an anonymous person, US-based Coinbase is discussing obtaining the appropriate license to continue doing business in Canada.
“We remain as committed as ever to the Canadian market as a core component of our international roadmap,” said Elliott Suthers, Coinbase’s director of communications. Meanwhile, a second person with knowledge of the matter, who requested anonymity, said that Binance would likely withdraw from Canada. However, a Binance spokesperson, whose CEO is Canadian citizen Changpeng Zhao, said the exchange has “not made firm plans yet.” Another Binance spokesperson said the exchange is “actively engaging with (Canadian Securities Managers) seeking registrations.” Canada began tightening up rules a few years ago when the country-centric platform QuadrigaCX went bankrupt. Earlier last month, OKEx announced that it was leaving Canada.
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