Why is my Coinbase entity changing?
As part of our mission to build an open financial system for the world, we need to ensure that our business remains well-positioned to serve all our International customers. Establishing and servicing customers from a new operating hub allows us to provide our market-leading cryptocurrency platform from a well-regarded financial center, and will leave us well-placed to navigate regulatory and market developments around the globe.
Do I need to do anything?
As of November, 2020, you need to accept the new User Agreement, which will appear to you when you sign in. After accepting the new User Agreement, you may need to verify and update your identity and account information (we'll send you a message if this is needed).
If you got a message saying you need to update your identity or account information, check out the information below, and follow the instructions you received.
Why do I need to verify my identity?
Coinbase requires all of our customers to provide identifying information on their accounts. This allows Coinbase to stay compliant and to continue offering all of our services and products. Verifying your identity on Coinbase also helps protect you from potential fraudulent activity.
What if I've previously verified my identity?
Even if you've verified your identity in the past, new regulations require that we gather additional information for some Coinbase customers. This may require uploading or verifying documentation you've previously uploaded in the past.
How do I verify my identity?
For both Coinbase.com and Coinbase Pro:
When you sign in to Coinbase.com on web, you'll be prompted to update your identity—follow these prompts. If you're having trouble verifying your identity, check out these troubleshooting tips.
If you sign out before completing the identity-verification steps, once you sign back in, you'll start up where you left off.
When do I need to verify my identity?
You can use Coinbase as you normally would for 30 days after you sign in to your Coinbase account and accept the new User Agreement. After those 30 days, if you don't verify your identity then functionality in your Coinbase account may be restricted, and your account may be deactivated. We will be in touch at the time if your account is going to be restricted.
Why is my account restricted?
If your account is restricted, it's most likely because you did not accept the new User Agreement or upload the requested documentation within 30 days of signing into your Coinbase account.
You should see a message in your Coinbase account saying you need to update your identity or account information. Follow the prompts in this message to update your identity and account information—this should remove the account restriction. If you're having trouble verifying your identity, check out these troubleshooting tips.
What does Coinbase do with my information?
We collect necessary information to allow our customers to use our products and services. This primarily includes data collection that is mandated by law—such as when we must comply with anti money laundering laws, or to verify your identity and protect you from potential fraudulent activity. We may also collect your data to execute transactions you initiate, enable certain services, improve our products, and keep you notified of new developments (based on your preferences). We do not, and will not, sell your data to third parties without your consent.
Read more about Data Privacy at Coinbase here.
What if I refuse to accept the new User Agreement or update my identity information?
For all users:
You can access your account once you've accepted the new User Agreement.
For users who also need to update their identity:
If you accept the new User Agreement, but don't update your identity, you can use Coinbase as normal for 30 days. After those 30 days, if you don't verify your identity then functionality in your Coinbase account may be restricted, and your account may be deactivated.
If you don't want to accept the new User Agreement or update your identity, you should remove funds from Coinbase and close your account before November, 2020. You can close your account by going to your Activity page.
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