Categories: CryptoNews

Incomplete GDAX User Profiles To Be Suspended From Trading Come August 1st

GDAX, which is the new exchange platform by the Coinbase team, has been received with mixed feelings so far. Many people see it as another way to differentiate the company from the Bitcoin name. But it looks like using GDAX can be quite problematic as well, as the company will enable withdrawal limits very soon.

GDAX Withdrawal Limits Are Coming

Albeit this scenario does not sound as horrible as it could have been, the fact

GDAX will add withdrawal limits to user accounts is not something people will enjoy. The US$10,000 daily withdrawal limit will not be a big deal for most consumers, though. Traders, on the other hand, may feel differently about it.

The company wants to improve their account services, as well as the funding options available to its users. Changes will be implemented as soon as July 7, 2016. By the look of things, these changes will be applied platform-wide, regardless of the region one user resides in. All users will still have access to unlimited deposits, though.

Other changes will be coming to US-based GDAX users in the coming weeks. Same-day deposits and withdrawals are a much-requested feature in the Bitcoin exchange world. Up until this point, bank transfers can take anywhere from one to five business days, which is not a fun scenario when buying or selling cryptocurrency.

Related Post

Moreover, it appears as of all GDAX account holders will need to update their account information in the coming days. The company mentioned how users would need to fill in any “missing information,” albeit it is unclear whether or not this means there will be additional verification requirements.

Interestingly enough, any GDAX account not completing the required profile information will be suspended from trading activity come August 1, 2016. This seems like a rather harsh decision, with very little warning in advance regarding these changes. Albeit users may argue one month is plenty of time to update an account, not everyone checks these email messages every day.

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Retail Traders Panic Sell During ‘Fake Dip’; Whales Hold Tight to SOL, DTX, and SHIB for a Millionaire-Maker Bull Run

Solana (SOL): A Strong Ecosystem Despite Volatility Solana (SOL) has been all over the place…

22 mins ago

Llama 3.2 Predicts Price For Dogecoin: $2 Peak By 2025 And $5 Rally For DTX Exchange This Winter

Cryptocurrency trends are keen on the forecast that was recently released by Llama 3.2 model…

1 hour ago

Crypto Whale Sparks 8x Surge In $OPK Price with Massive Buy-in

A mysterious crypto whale, who previously invested 9,600 SOL into tokens $Pnut and $FRED, has…

3 hours ago

Early ENS Investor Transfers $2.47M To Binance Amid Upcoming Token Unlocks

An early investor linked to the $ENS token recently transferred 154,000 ENS tokens, valued at…

3 hours ago

Wintermute’s Memecoin Strategy: BABYDOGE Ranks Among Top 3 Holdings

In a surprising turn, $BABYDOGE has climbed to the top three in Wintermute’s memecoin holdings…

3 hours ago

$Pnut’s Meteoric Rise: How A Tragic Squirrel Inspired A Memecoin Sensation

The $Pnut memecoin recently soared past a $120 million market cap, creating unexpected wealth for…

3 hours ago