Expert Warns XRP Holders: Do This Right to Your Coins On Coinbase

Coinbase users are reporting an uncomfortable pattern. Accounts are getting closed, and withdrawals are getting blocked. The complaints are piling up across social media, and the crypto community is paying attention.

One post gaining traction comes from Pumpius (@pumpius), who responded to a video shared by Austin Barnhill (@bh30317). Barnhill questioned Coinbase’s CEO directly, asking, “How are you out here closing accounts and not allowing withdrawals?”

Barnhill shared a video showing a closed account with a message that the user could withdraw their funds. However, many in the community reported failed withdrawals.

In his post, Pumpius pointed investors toward self-custody wallets as a solution, citing options like Xaman Wallet, Tangem, and Joey Wallet as alternatives to keeping funds on a centralized exchange.

Self-Custody as a Response

The appeal of self-custody becomes clearer when centralized platforms act unilaterally. Pumpius put it plainly, stating, “Nobody can freeze your XRP from a self-custody wallet.” Investors who hold their own private keys retain full control of their assets. Those who leave funds on an exchange take on the risk of platform-level decisions about access.

Community members who responded to Barnhill’s post confirmed they could not withdraw from their frozen accounts, contradicting what Coinbase’s own video appeared to suggest about fund accessibility.

Armstrong’s Questionable Record

The controversy over Coinbase’s account management sits alongside questions about Brian Armstrong’s leadership in the regulatory space. Armstrong pulled Coinbase’s support for the CLARITY Act, citing concerns that the proposed language could limit DeFi activity, restrict tokenized equity products, and block stablecoin issuers from offering yield-like rewards to users.

He pulled that support hours before a scheduled January 14 committee markup, causing Banking Committee Chair Tim Scott to postpone the vote indefinitely.

Armstrong’s objection came at a time when stablecoins contributed to nearly 20% of Coinbase’s revenue. The move drew criticism from across the crypto industry, with some calling it self-serving at the expense of broader legislative progress.

A Pattern of Distrust

Former Ripple CTO David Schwartz also revealed years ago that Coinbase refused to list XRP and demanded millions from Ripple before it did so. The community backlash following the reports has extended to Armstrong personally. Users called him out, questioning his fitness to lead one of the world’s most prominent crypto exchanges.

The crypto sector has long operated on a principle of financial sovereignty. When centralized platforms restrict withdrawals without clear justification, they erode the trust that makes them viable in the first place. For anyone looking to hold XRP, one of the self-custody wallets Pumpius listed will be a good place to start.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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