Coinbase is Tapping Into User Funds Without Consent

Coinbase is Tapping Into User Funds Without Consent
  • Coinbase Pro users’ accounts have gotten their accounts migrated to Coinbase Advanced Trading.
  • Coinbase mentions that this is to streamline the trading experience.
  • Everyone who has a balance higher than the minimal minimum is automatically opted in to participate.

According to familiar parties, Some of Coinbase Pro`s users have gotten their accounts migrated to Coinbase Advanced Trading. The digital assets exchange, Coinbase however claims that the move is meant to give customers a streamlined trading experience. It is also meant to access all other Coinbase features from one account.

Notably, advanced trade offers the same cutting-edge trading tools and reduced volume-based fees for 30 days as Coinbase pro. In an effort to improve its trading experience, the company has included several new tools. These include charts provided by TradingView.

It is critical to keep in mind that the staking (Defi rewards), as shown below, is the primary distinction between Coinbase Pro and Advanced trading.

The odd aspect is that everyone who has a balance higher than the minimal minimum is automatically opted in to participate.

According to a Redditor, this might sound crazy and paranoid, but that is a red flag and suspicious. The user questions the firm for opting-in all users. He also thinks that Coinbase should let users do that manually. 

“They’re basically taking our funds without our consent. All users should be opted out until they choose to opt-in. Some of you may say why not take the free 5%? As we now have learned thanks to many bankruptcies, not everything is risk-free. Users should not be opted in automatically.” The Reddit user said.

Disclaimer: To the maximum extent permitted by law, Cryptonewsland disclaims any and all liability in the event any information, commentary, analysis, opinions, advice, and/or recommendations prove to be inaccurate, incomplete, or unreliable or result in any investment or other losses.

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer