Is your Coinbase account restricted?
If it is, you might not be able to add a payment method.
Here’s the error message that you’ll get when you try to add one, “You can’t add a payment method while your account is restricted”.
As a result, you won’t be able to buy or sell crypto.
This can happen even if you’ve completed the KYC (Know Your Customer) process.
The process includes verifying your identity by uploading your ID and a photo of yourself.
In this article, you’ll learn why is your Coinbase account restricted and why can’t you add a payment method.
You’ll also learn how to fix a restricted Coinbase account.
- Why is my Coinbase account restricted?
- Why can’t I add a payment method on Coinbase?
- How to fix a restricted Coinbase account
Why is my Coinbase account restricted?
Your Coinbase account is restricted because your country does not support certain features on the exchange (e.g. selling crypto).
It could also mean that you haven’t verified your identity or you’ve violated Coinbase’s User Agreement.
When your account is restricted, you’ll have full access to your wallets, but you won’t be able to buy or sell crypto.
If you’re unable to add a payment method, it means that your country does not support it.
In countries like Australia, New Zealand, and Singapore, you can only buy crypto using a debit/credit card.
However, you won’t be able to sell crypto as transferring funds back to a card is not supported.
That said, you can still send crypto from your Coinbase account to another wallet or exchange.
Funds in your local currency wallets can still be withdrawn to a bank account as well.
In a nutshell, if your country does not support the selling of crypto, your account will be restricted and you won’t be able to add a payment method.
Why can’t I add a payment method on Coinbase?
You can’t add a payment method on Coinbase because it is not currently supported in your country.
In certain countries, you can only buy crypto using a debit/credit card.
However, you cannot sell crypto as transferring funds back to a card is not supported.
Countries affected by this are Australia, New Zealand, and Singapore.
Here’s a reply from Coinbase support, “At this time, Coinbase only supports buys in Singapore”.
Followed by, “Although sells and withdrawals are not available in your country on our platform, you can still send your crypto to an external wallet or exchange”.
If you’re unable to sell crypto or add a payment method on Coinbase, you can transfer them to another exchange and sell them there.
An example of an exchange that you can transfer your crypto to is Binance.
If you don’t have a Binance account, you can create one here: https://www.binance.com/en/register?ref=73583477 or use “73583477” as the referral code.
How to fix a restricted Coinbase account
To fix a restricted Coinbase account, you need to contact Coinbase support.
But before you do that, you need to check if the selling of crypto is supported in your country first.
If you’re living in Australia, New Zealand, or Singapore, you won’t be able to sell crypto on Coinbase.
As a result, you won’t be able to add a payment method.
If that’s the case, it’s redundant to contact Coinbase support because they’ll tell you that the selling of crypto is not supported in your country yet.
A solution to this is to transfer your crypto from Coinbase to another exchange like Binance and sell them there.
If your country supports the selling of crypto but your Coinbase account is still restricted, you need to contact Coinbase for help.
Here’s how to fix a restricted Coinbase account:
1. Contact Coinbase support
Contact Coinbase here: https://help.coinbase.com/en/contact-us.
To begin with, you need to visit the Coinbase Help Center: https://help.coinbase.com.
In the Coinbase Help Center, you’ll see multiple categories that you can choose from.
Scroll down until you reach the “Contact Us” button.
Click on “Contact us” to go to Coinbase’s contact page.
Alternatively, you can click on this link to visit the contact page: https://help.coinbase.com/en/contact-us.
2. Choose your product
Once you’re on the contact page, you need to choose your product.
There are multiple products that you can choose from.
This includes “Coinbase”, “Coinbase Pro”, “Coinbase Custody”, and more.
Since your Coinbase account is restricted, choose “Coinbase”.
3. Select the issue that you’re experiencing
After you’ve chosen the product that you need help with, scroll down the form.
Now, you need to select the categories of the issue that you’re experiencing.
Firstly, since you’re having trouble with adding a payment method, select “Trading and Funding on Coinbase”.
Secondly, select “Buying, selling, or converting crypto”.
Thirdly, select “I am having issues selling” if you’re unable to sell crypto.
Fourthly, select “Fiat Wallet” if you’re trying to sell to your fiat wallet.
Lastly, select “Transfer not completed / not showing”.
4. Provide information about your issue
After you’ve selected the issue that you’re experiencing, you need to provide more information about it.
This includes the amount of crypto that you’re trying to sell, the transaction date, reference code, and more.
If you’re unable to initiate a sell, you can just indicate it in the “What was the transaction date?” field and the “What is the reference code?” field.
In the “Email address associated with your Coinbase account” field, enter your email address.
Lastly, enter the subject line of your issue (e.g. My Coinbase account is restricted).
5. Describe your issue
After you’ve provided more information about your issue, scroll down the page.
Now, you need to describe the issue that you’re experiencing.
Here’s an example of a description, “Hi Coinbase support, my Coinbase account is restricted and I’m unable to add a payment method. I need help in fixing this”.
Please add any other information that can help Coinbase to better identify your issue (e.g. your country of residence).
Lastly, tap on “Send verification email” to verify your email and send the message.
After you’ve sent the message, you need to wait for Coinbase’s response.
Coinbase will typically respond in 24 hours via email.
Hence, you need to check your inbox periodically for Coinbase’s email.
Conclusion
If your Coinbase account is restricted, you won’t be able to buy or sell crypto.
Similarly, if your Coinbase account is still under review, you won’t be able to buy or sell crypto.
If your Coinbase account is still under review, you need to wait until it gets approved.
In some cases, it can take several weeks for Coinbase to review your identity.
This is because there are way too many users joining the exchange.
As stated in the article, the selling of crypto is not supported in some countries.
Hence, even if you’ve completed the KYC process, you won’t be able to sell crypto.
If you want to sell a cryptocurrency on but you’re unable to, you can transfer it to an exchange like Binance and sell it there.
Further reading
Coinbase Quiz Answers (Dec 2021)
