What Happens If CoinBase And Gdax Collapse?
Many US residents are introduced to bitcoin using a referral into CoinBase.com and thus rely on it entirely to keep their investments. But it is not a true private wallet more like a bank. And their linked exchange is Gdax.
If eventually when the US govt have a strong reason to raid it for instance, many customers registered but never filed the draconian taxation report, that is a major reason to push a big financial crime charge against them and to seize their websites.
Important risk exposure that should be heavily considered.
Upvoted and resteemed - hoping to hear from others on this possibility!
Nothing is truly secret, that is the danger of crypto. Coinbase is the only “wallet” legal in New York (I believe). In any case, any nation that has a taxing entity is going to want to know what is going on. And if you want to take cash out of crypto and go through a bank, they have to report. It’s hard to believe governments would ignore billions in capital that is opaque to them.