How to Delete a Coinbase Account: a Step-by-Step Guide
Nasdaq-listed cryptocurrency exchange Coinbase is an entry point into the cryptocurrency space for many who may be willing to venture onto other platforms after starting off there. For those wanting to clean up their accounts, figuring out how to delete a Coinbase account may be a hassle.
Users can have a myriad of reasons for wanting to delete their Coinbase accounts, including simply having fewer accounts on cryptocurrency exchanges, disagreeing with some of the positions the exchange has taken, or simply out of concern for the security of their assets and data with the platform.
As the cryptocurrency world grows users may find other platforms and opt to transfer crypto from Binance to Coinbase before cleaning up their presence in the space, or they may have sold off all of their assets and want nothing else to do with crypto.
The good news is that Coinbase allows users to delete their accounts in a rather simple way.
How to Delete a Coinbase Account
Before getting into the step-by-step process of deleting a Coinbase account, it’s important users first ensure they have no funds on the cryptocurrency trading platform. IF they do, it’s advisable they either move them to another cryptocurrency exchange or a wallet they control.
It’s also important to point out that deleting a Coinbase.com account will automatically delete a Coinbase Pro account as well. While the exchange is merging both platforms into a single one, understanding what will happen is important.
To delete a Coinbase account, users must first visit their profile pages on the cryptocurrency exchange from a web browser. On the menu that will appear, users will have the option to close their accounts. After going through it, their Coinbase account is deleted.
Also read: Coinbase’s Chief Legal Officer Explains Why User Funds Are Safe Despite Despite All the FUD
What Happens to Funds Left on a Coinbase Account When It’s Deleted?
Coinbase does not allow users to delete their accounts if they still have funds in them. When users with balances on their accounts try to delete their Coinbase accounts the exchange blocks them from doing so.
If a balance is too small to be sold on the market and/or withdrawn from the cryptocurrency trading platform, users are left with three options as to what to do with them:
- Send the balance to another Coinbase user;
- Donate the funds to GiveCrypto.org, a nonprofit organization distributing crypto to people living in poverty;
- Forfeit the funds and allow Coinbase to zero out any remaining balances.
The third option can be done by contacting Coinbase directly and asking the exchange to close the user’s account. The request must explicitly state the user is forfeiting the funds left in their Coinbase account.
Can a Coinbase Account Be Deleted via its Mobile App?
Users can only close their Coinbase accounts through a web browser. While they may access the cryptocurrency exchange on their mobile device’s browser, the Coinbase app does not allow them to delete their accounts.
It’s worth noting that deleting the Coinbase app does not delete your Coinbase account, but simply removes the app from your mobile device. Reinstalling the app will allow you to login with your old credentials.
The process required to delete a Coinbase account is straightforward, as outlined above.
Will Coinbase Retain Users’ Data After Account Deletions?
According to the cryptocurrency exchange, it will retain “some of your personal information for a minimum of five years or as necessary to comply with our legal obligations.” The exchange cites fraud prevention and potential dispute resolution as motives to keep user data.
Source: Read Full Article