One of our goals is to make it as easy as possible for you to invest as much as you want on Coinbase without limits getting in the way. Over the next few months we will be making changes to our product to make that possible. Last week we made the first of these changes, by updating the sign-up process for new customers in the US. We also added a new feature to allow you recover your account if you no longer have access to the email address you registered with.
Changes to Signing-up for US Customers
When you sign up for Coinbase in the US, you will now be asked to provide us with your Date of Birth, SSN, Address and information about how you fund your investments.
Providing this information during sign-up allows us to give you higher investment limits from day one. Previously you could only invest up to $9,500 before providing this information. You will also be able to deposit cash into your Coinbase account before investing, allowing you to buy and sell instantly.
Over the next few weeks we will be making more improvements to this experience. For example, in the cases where we are unable to verify the information you have provided during sign-up, you will soon be able to provide a state issued photo ID document instead.
Improvements to Account Recovery
We understand that not being able to access your Coinbase account can be a stressful experience. You can now recover your account even when you no longer have access to the email address you registered with. When you log in from a new device, just click on the link that says “I no longer have access to my email address” to start the account recovery process. This will allow you to change the email associated with your account.
You will need to provide your 2nd factor authentication code and a valid form of photo ID to complete the process. It may take up to 72 hours to recover your account while we verify your identity.
A Reminder About Multisig Vaults
As we noted in our blog post last week, over the next 3 weeks, we will be winding down our support for existing multisig vaults on Coinbase. The last day of support will be on April 19, 2018.
Because this product is user-controlled, customers can move funds with the two keys they already control. This change will only result in customers not being able to access the third key that Coinbase controls. Customers should ensure they have access to their two keys over the next 3 weeks. Otherwise, we recommend customers withdraw all funds from a multisig vault prior to April 19, 2018.
For more information on multisig vaults and the withdrawal process, please read our recent announcement.