145 karma · joined December 7, 2017
In legalese it is called "structuring" - where people do multiple transfers of under $10k each in order to try to avoid the banks reporting them. It is a federal crime. People go to jail for that.
Coinbase wants no part of that. They already are fighting the IRS about turning over records.
(And the truth is that banks now report nearly everything; certainly anything more than $3000 so people that do this can be easily caught. And they DO sometimes go to jail.)
Example: https://thebitcoin.pub/t/coinbase-closed-my-account-for-unkn...
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If you haven't done that then it is probably just a glitch. Try their support. They have no legal right to keep your money without a warrant.
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Meanwhile, they are also having technical problems.
Here is what is happening to them: https://steemit.com/bitcoin/@steembusiness/coinbase-hit-10-m...
"Coinbase Hits 10 Million Users - Struggles To Keep Up"