GDAX (coinbase) Froze 7-figure amount without explanation

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ETH gas price pattern source : https://etherscan.io/chart/gasprice

We all know exchanges have their own terms and condition as well as AML policy. Those exchanges can easily ban/froze trader if they will violate this terms and policies but some of the traders neither get any prior notice or explanation for their account closure or ban. Many people might have experienced same thing but only few of those cases comes into light when they will rather post in social platforms like reddit than waiting for months sending support ticket.

One of such case came into light today, user who goes by the name samYouAm posted on https://www.reddit.com/r/CryptoCurrency/ because he got his huge amount frozen in GDAX without explanation and that also not once twice. He stated that last time it took 45 days to resolve similar case and when asked for explanation for this new ban, support have replied him atleast 5 days for explanation.

Part of reddit post : GDAX: Last time you did this to me I had to wait 45 days for resolution. You locked up 7 figures of funds for no reason other than slow support, and I lost hundreds of thousand of dollars as the market drastically changed. Even today your support rep says minimum 5 days just for someone to “explain” why you’ve disabled my trading. I am certain it will be weeks before its fully resolved. I am about to lose $20,000 on a trade I needed to make. Will you be compensating me for that? Friends have reported that your “automated algo” locks accounts routinely for no valid reason. Last guy waited a month only to find there was “no reason”. You flipped him back to active. I cant afford to wait. I apologize. Can someone please address this immediately.

After 4 hours one of the coinbase representative that goes by name justin_coinbase quickly replied and apologize for the problem.

Hi, Justin from Coinbase here. I apologize for your experience, I’ve located your case and we will be in touch with you very shortly. Thanks!

Some other Reddit poster started to post their ticket ID stating that they are waiting for single reply in their tickets while coinbase representative seem to only care when it is posted in reddit like platform in the fear of losing their credibility.

 

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