It’s no secret that Coinbase is one of the most popular cryptocurrency exchanges out there. In fact, it’s often the first port of call for many people when they first start buying Bitcoin and other digital assets.
One thing that Coinbase is not so good at, however, is allowing users to withdraw US dollars (USD). In this article, we’re going to take a look at why this is the case and whether or not there are any workaround methods that you can use.
Why Can’t You Withdraw USD From Coinbase?
The reason why you can’t withdraw USD from Coinbase is because the company doesn’t have a bank account in the United States. This might sound like a strange restriction, but it’s actually pretty common for cryptocurrency exchanges.
The reason why exchanges don’t have bank accounts is because banks are very reluctant to work with them. This is because banks are worried about being complicit in money laundering activities or funding terrorist organizations (both of which have been known to happen in the past).
So, because Coinbase doesn’t have a bank account in the United States, it has no way of sending USD withdrawals to its users. The only way around this would be to set up a bank account in another country, but that would likely be prohibitively expensive for the company.
Are There Any Workarounds?
Fortunately, there are a few workaround methods that you can use if you want to withdraw USD from Coinbase. The most popular method is to simply sell your Bitcoin or other digital assets on the platform for USD and then withdraw the proceeds to your PayPal account.
This might sound like a bit of a hassle, but it’s actually pretty easy to do. Plus, it has the added benefit of allowing you to cash out your cryptocurrency holdings without having to go through the process of setting up a bank account in another country.
Another method that you can use is to transfer your USD balance to another cryptocurrency exchange that does allow withdrawals to US bank accounts. Gemini is one example of an exchange that allows this.
Once your funds are on Gemini, you can then withdraw them to your bank account without any problems.
Conclusion
So, can you withdraw USD from Coinbase? Unfortunately, no – at least not directly. However, there are a few workaround methods that you can use if you need to get your hands on some cash quickly. Hopefully, one of these methods will work for you!.