Forum → Crypto & DeFi

Coinbase restricted my account - $47K locked, compliance review hell

I publish illustrative scenarios prepared by my practice. All participants and conversations are fictional. The fictional posts are not posts by real users, accounts of client experiences, or reports of actual results.
Illustrative scenario prepared by my practice.
For informational purposes only. This is not legal advice. Consult an attorney for specific situations.
Hypothetical question

Coinbase restricted my account 3 weeks ago with zero warning. I have $47,000 in BTC and ETH that I can't access.

Got an email saying my account is "under review for compliance purposes" and I need to provide documentation. I've submitted:

  • Driver's license (front and back)
  • Bank statements showing source of funds
  • W-2s from my employer
  • Written explanation of how I acquired the crypto

Radio silence for 3 weeks. Support tickets get automated responses. Can't withdraw, can't trade, can't do anything.

What are my options here? This is a life-changing amount of money for me and I'm freaking out.

Illustrative response

PSA: many consumer protection statutes allow recovery of attorney fees and treble (3x) damages. This means even if your actual damages are small, the statutory multiplier can make it worthwhile to pursue. Check your state's consumer protection act.

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