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Coinbase to share data of current/former customers with marketers in a couple days, and they aren't respecting opt-outs

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by COINS NEWS 116 Views

Coinbase notified their customers on 12/23/22 that they would be sharing/selling user data in 30 days for, among other things, marketing purposes. According to this notice, this includes both active and former customers.

"When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing."

Thankfully, US financial law allows users to opt out of financial data sharing for marketing purposes under the Gramm-Leach-Bliley Act. However, despite my many repeated requests over the past month, Coinbase has continually dodged, delayed, and dropped my opt out requests.

I have contacted them a ridiculous number of times (~19 I think), filed a complaint with the Consumer Financial Protection Bureau, and even closed my account in protest, but they still won't agree to limit data sharing with marketers.

Now the 30 day anniversary is coming up and they'll be sharing my data (and everyone else who ever used their service). Coinbase will try to tell you they only share data with marketers with your consent, but they consider "consent" as anyone who hasn't opted out... and they ignore opt outs.


Edit: Here is a quick summary of (attempting to) opt out based on the 166 comments so far:

  • If you have a current/active account, there is an opt-out setting on the website/app people are reporting success with:
    • Website: settings > privacy > share my personal info. (This may be a direct link?)
    • App: the 9 dots in the corner > profile and settings > privacy > share my personal info
    • Note -- you should double check it is properly set as it seems to be defaulting to sharing enabled, even in EU.
    • Not all locations appear to have the opt-out setting available (ex: Argentina). If you live in such a country, maybe try writing in to support to manually opt-out (see below)
  • If you have a closed/former account, you'll have to deal with support to opt-out. I have had zero luck with this over the past month, but you should try anyway.
  • If you have an old open account, you may be forced to agree to the new Terms of Service in order to access the privacy settings. Please note that the newer TOS's include other forms of data sharing + arbitration, etc. As accepting it may open you up to data being used in other ways and limit your legal rights, IMO it is probably better to deal with support and send in a written request. (Again, I've had zero success with support, so good luck). But you could accept the new TOS and use the website to opt-out if you don't care about the TOS.
  • If you have already 'deleted' your data, you should write in and opt-out anyway. Coinbase retains some 'deleted' data of former customers (ostensibly required for regulatory purposes), and this may be subject to the data sale. I suggest writing in to support that you wish to limit data sharing to be safe, and carefully read the reply to see if they actually did it or not.

The 30-day window is nearly up based on when they originally mailed me, so if you're going to opt-out, do it now. And if you have to deal with support, hopefully you have better luck opting out than I have!

submitted by /u/durg0n
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