does coinbase delete inactive accounts

Coinbase employs a policy of deleting inactive accounts to maintain platform security and compliance, with specific criteria, notification processes, and procedures for handling inactive funds.

Nov 04, 2024 at 02:50 pm

Does Coinbase Delete Inactive Accounts?

Coinbase, one of the world's leading cryptocurrency exchanges, takes measures to maintain the security and compliance of its platform. As part of this, it has a policy of deleting inactive accounts.

Criteria for Account Inactivity:

Coinbase defines an inactive account as one that has not initiated any login attempts or trading activities within a specified period. The exact duration of this period varies depending on regulations in different jurisdictions. However, it typically falls within the range of 12 to 24 months.

Process for Account Deletion:

1. Notification: Coinbase sends notifications to inactive account holders via email and within the app itself, informing them of their account status. These notices provide sufficient time for users to take action to prevent deletion.
2. Warning Period: Inactive account holders have a grace period before their accounts are deleted. During this period, they can reactivate their accounts by simply logging in or making a trade.
3. Account Deletion: If the inactive account holder fails to respond within the grace period, Coinbase proceeds to delete the account permanently, along with any remaining funds.

Funds in Inactive Accounts:

It's important to note that Coinbase does not confiscate or seize funds in inactive accounts. Instead, it follows regulatory guidelines to ensure proper handling of these assets. In most cases, Coinbase will:

1. Attempt to contact the account holder and provide instructions on how to retrieve their funds.
2. If the account holder cannot be reached or does not respond, the funds may be transferred to a government agency or a third-party custodian for safekeeping.

Preventing Account Deletion:

To avoid having your Coinbase account deleted, it's recommended to:

1. Log into your account regularly, even if you're not actively trading.
2. Set up two-factor authentication (2FA) for added security and account protection.
3. Keep your email address and phone number up to date with Coinbase.

Conclusion:

Coinbase does delete inactive accounts as part of its security and compliance measures. However, it provides ample notifications and grace periods to allow users to reactivate their accounts and retrieve their funds. By actively using your Coinbase account and following best practices, you can prevent deletion and ensure the safety of your assets.