Summary: Closing your Coinbase account permanently removes access to your transaction history and funds. Before proceeding, withdraw all balances and save necessary financial records. Account closure is irrevocable, with a 30-day pending period for funds before they're lost. Legal obligations require Coinbase to hold your data for a set period post-deletion, after which it's deleted in compliance with privacy laws.
Can I Delete my Coinbase Account?
Yes, it is possible to delete your Coinbase account but not deactivate it, which means that you cannot reinstate the same account if you choose to delete it permanently. It is important to consider the implications, such as the permanent loss of transaction histories and access to your account. Before deletion, take the necessary steps to secure your financial records and ensure all funds are appropriately handled.
How to Delete a Coinbase Account
To permanently delete your Coinbase account, take the following steps with caution, as this process is final and cannot be undone. Your transaction history, wallet balance, and any associations with financial accounts will be permanently erased.
- Log into your Coinbase account on the official website.
- Navigate to the 'Settings' section found in the top menu.
- Within 'Settings,' look for the 'Account' section and select 'Close Account.'
- Carefully read the information provided to ensure you understand the consequences of account deletion.
- If you have decided to proceed, click on the 'Close my Coinbase account' button.
- Verify your identity by entering your password.
- Confirm your choice to permanently delete your account by clicking on the 'Confirm' button.
Before you initiate this process, it's crucial to ensure all funds have been removed and you've saved any necessary information from your account. Once completed, you will not be able to retrieve any lost data.
What Happens to My Funds?
When you initiate deleting your Coinbase account, your remaining balance does not disappear immediately. Instead, your funds are placed in a 'pending' status for a safety period of 30 days. During this time, the funds are essentially frozen, and after the period expires, they become irretrievable. To avoid any loss, it's imperative to withdraw or transfer all funds before you proceed with the account closure.
Furthermore, any unresolved transactions, such as open orders or in-progress transfers, will be automatically canceled, and the respective amounts will be credited back to your Coinbase wallet. Connections to external financial instruments like bank accounts or credit cards will also be severed, ceasing any further transactions through Coinbase with those accounts. For detailed guidance and to ensure you are fully informed about the process and consequences, refer to the comprehensive close account instructions.
What Happens to My Data on Coinbase?
When you close your Coinbase account, the company will retain your data for a certain period to comply with legal and regulatory obligations, such as anti-money laundering laws and tax regulations. This retention period can vary based on the jurisdiction but typically spans several years. After fulfilling these obligations, Coinbase must delete your personal information by their privacy policy and applicable laws.
However, during the retention period, your data will not be used for commercial purposes, and Coinbase implements measures to safeguard your personal information from unauthorized access or breaches.
Final Thoughts
In summary, deleting your Coinbase account is a definitive action requiring thorough preparation. Ensure that all cryptocurrencies and funds are withdrawn, download important transaction records, and understand that your data will be retained to comply with legal obligations before being securely erased. After you have completed these steps, your funds will be released to you after the 30 day grace period has ended.
I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.
