why is coinbase not allowing me to buy

Due to age and identity verification compliance, Coinbase might restrict users from buying cryptocurrencies if they are under 18 years old or have yet to provide a valid government-issued ID and proof of address.

Nov 24, 2024 at 04:20 am

Why Coinbase is Not Allowing Me to Buy

Coinbase is a popular cryptocurrency exchange that allows users to buy, sell, and trade cryptocurrencies. However, there are times when Coinbase may restrict users from buying or selling cryptocurrencies. Here are some of the reasons why Coinbase may not allow you to buy:

1. Age and Identity Verification:

• Coinbase requires users to be at least 18 years old or the age of majority in their jurisdiction to create an account and buy cryptocurrencies.
• To comply with regulations, Coinbase must verify the identity of all users. This involves providing a valid government-issued ID, such as a driver's license or passport, and a proof of address, such as a utility bill or bank statement.

2. Residence and Jurisdictional Restrictions:

• Coinbase is not available in all countries. Coinbase must comply with the laws of the countries in which it operates and may not be able to provide services to residents of certain countries.
• For instance, Coinbase is not available in Afghanistan, Cuba, Iran, North Korea, Russia, Syria, Ukraine, and Venezuela.

3. Verification Hold:

• After registering an account on Coinbase, new users may experience a verification hold that restricts them from buying cryptocurrencies.
• The verification hold is a security measure to prevent fraud and money laundering. It typically takes a few days to complete the verification process and remove the hold.

4. Payment Method Restrictions:

• Coinbase supports various payment methods, including debit cards, credit cards, bank transfers, and PayPal. However, certain payment methods may not be available in all regions.
• For example, debit card payments may not be accepted in certain countries or for users under the age of 18.

5. Risk Assessment and Account Flags:

• Coinbase constantly monitors user activity to detect potential risks or suspicious behavior.
• If Coinbase detects suspicious activity, it may temporarily restrict or suspend account access, including buying capabilities, to protect users and comply with regulations.

6. Account Limitations and Tier Levels:

• Coinbase users have different account tiers with varying limits on daily, weekly, and monthly transaction amounts.
• Buying limits are set based on user verification levels and other factors, such as transaction history and risk assessment.
• To increase buying limits, users may need to provide additional information or upgrade their account tier.

7. Technical Issues and Platform Maintenance:

• Sometimes, Coinbase may experience temporary technical issues that affect buy functionality.
• These technical issues may occur during platform maintenance, upgrades, or high-traffic periods. Coinbase usually provides updates on its website or social media channels during such events.

8. Compliance with Sanctions and OFAC Regulations:

• Coinbase must comply with sanctions imposed by the United States Office of Foreign Assets Control (OFAC).
• Coinbase may restrict buying transactions involving individuals or entities that are on the OFAC sanctions list.