DOCUMENTARY RESEARCH / EN-IE7 EVIDENCE RUNS · PUBLIC EVIDENCE REVIEWED
AXIALPROOF / RESEARCH LAB

EXCHANGE DOCUMENT RUN

Coinbase

Documentary run complete for product separation, US custody terms, fee mechanics and the 2025 support-chain incident; controlled account scenarios are specified as reproducible protocol runs.

OUTPUT
PUBLISHED REVIEW
DOCUMENT GATE
PUBLIC EVIDENCE REVIEWED
SCENARIO RUN
PUBLISHED
BOARD
SAME-CLASS ELIGIBLE
REVIEWED
CONFIDENCE
MEDIUM
PROTOCOL SCOPE

Coinbase.com custodial services, with US contractual evidence and explicit exclusions for Coinbase Wallet and untested regional variants.

EDITORIAL OUTPUT

ASSESSMENT

Coinbase gives the lab a strong documentary test surface, but each passed document check is conditional on product, asset class and jurisdiction. No source in this run proves live execution quality, support resolution or current solvency.

AUDIENCE

SUITABLE FOR

Readers who prefer extensive public filings and can repeat a route-specific check for their market before relying on a product claim.

DECISION VARIABLE

PRIMARY TRADE-OFF

High documentary visibility improves auditability, while multiple fee surfaces, entities and conditional cash protections demand more test parameters.

DOCUMENTARY AXES

What the records establish — and what they cannot.

Each axis distinguishes a documentary result from the controlled scenario protocol.

ID

ENTITY AXIS

DOCUMENT / The US agreement names Coinbase, Inc.; public registers and UK enforcement records show market-specific permission boundaries.

LIMIT / This does not identify the counterparty for every country or product.documented
CU

CUSTODY AXIS

DOCUMENT / Coinbase documents control of hosted-wallet private keys and holding supported assets for customer benefit.

LIMIT / Terms do not prove real-time reserves or universal insurance.documented
CX

COST AXIS

DOCUMENT / Simple transactions may include fee and spread; Advanced applies maker/taker fees without an embedded spread.

LIMIT / Actual tiers, slippage and withdrawal costs need a fixed account and route.documented
OP

OPERATIONS AXIS

DOCUMENT / SEC filings document a May 2025 support-chain data theft and later cost exposure.

LIMIT / The filings do not benchmark ordinary support or current incident resistance.documented
OPEN TEST PROTOCOL →
SUPPORTING SIGNALS

STRENGTHS

  • Binding US agreement and listed-company filings
  • Documented hosted-custody boundary
  • Separate Simple and Advanced fee models
BOUNDARY CONDITIONS

LIMITATIONS

  • Crypto protection cannot be inferred from eligible-cash insurance language
  • Regional entity conclusions do not transfer automatically
  • Funding, order, withdrawal and support protocols require controlled account runs

PROTOCOL MODULES

Document result, then define the next reproducible run.

No scenario is labelled complete unless inputs, environment, steps and limitations are captured.

X-01

Scope lock

Document run fixed Coinbase.com and US agreement scope.

NEXT RUN / Repeat for the actual user market and named entity.DOCUMENTED
X-02

Custody trace

Hosted key control and crypto/cash protection distinction are documented.

NEXT RUN / Observe deposit and withdrawal controls with a low-value scenario.DOCUMENTED
X-03

Cost route

Simple and Advanced pricing mechanisms are distinguishable.

NEXT RUN / Capture quote, fill, spread and exit cost at one timestamp.DOCUMENTED
X-04

Challenge

Incident and regulatory evidence is attached with scope limits.

NEXT RUN / Test support escalation without claiming a representative service level.DOCUMENTED

ANALYSIS OUTPUT

Protocol interpretation

Primary artefacts sit beside each result. Documentary proof is never promoted into an unobserved runtime claim.

A-01

P0 / Product classification

The first protocol result is categorical: Coinbase.com uses hosted custody, while Coinbase Wallet is a separate self-custody system. That document-supported distinction is sufficient to prevent model contamination, but it does not replace a versioned wallet test or an exchange account trace.

SOURCES / Coinbase Help · Coinbase
REVIEWED
A-02

P1 / Entity parameter

For the US test case, the individual agreement supplies Coinbase, Inc. as the contracting entity. New York’s register and the FCA’s CB Payments enforcement record demonstrate why a country flag cannot be treated as a global pass. A second market therefore requires a fresh entity assertion and authority check.

SOURCES / Coinbase · NYDFS · FCA
REVIEWED
A-03

P2 / Protection assertion

The agreement distinguishes digital assets held for customers from eligible cash arrangements. It explicitly withholds FDIC and SIPC insurance from crypto while describing conditional pass-through cover for qualifying cash. The test passes only for that qualified statement; ‘all Coinbase balances are insured’ fails.

SOURCES / Coinbase · Coinbase Help
REVIEWED
A-04

P3 / Cost model

Fee documentation establishes two mechanics: Simple may combine a Coinbase fee and spread, whereas Advanced uses order-book maker/taker pricing without embedded spread. Documentary evidence cannot yield a total-cost winner because volume tier, order type, market movement and withdrawal route have not been controlled.

SOURCES / Coinbase Help · Coinbase Help
REVIEWED
A-05

P4 / Incident and operational limit

The May 2025 8-K attributes customer-data theft to bribed overseas support personnel and says passwords and private keys were not compromised. The later 10-K provides financial consequence context. Together they validate a support-chain risk finding, not a claim of custody-key compromise or a measurement of present support quality.

SOURCES / US SEC · US SEC
REVIEWED

DEEP PROTOCOL ARRAY / 10 RUNS

Every claim gets fixed inputs, a procedure and a pass artefact.

Documentary baselines were retrieved on . Protocol outputs are published with fixed inputs, procedures and pass artefacts.

USE

A US custodial on-ramp with traceable corporate records is required.

The contract and SEC filings expose testable entity, custody and incident claims.

USE

Simple and Advanced routes can be tested side by side.

Their distinct pricing models support controlled cost comparison.

AVOID

Direct private-key control is mandatory.

Hosted Coinbase.com keeps key control; Coinbase Wallet is out of scope.

AVOID

One global protection and fee model is required.

Entity, cash protection and product pricing vary by market.

Object lock

Objective
Prevent brand-level category error.
Fixed inputs
Coinbase.com US individual account; Coinbase Wallet excluded.
Procedure
Save product URL, agreement version, residence and account tier before any observation.
Document baseline
The US agreement separates hosted custody and additional products.
Pass artefact
The tested screen and contract resolve to the fixed product without an undisclosed product switch.

SOURCES / Coinbase · Coinbase Help

Entity and protection resolver

Objective
Identify operator and asset-specific protection.
Fixed inputs
US residence, Coinbase, Inc., cash and crypto balances considered separately.
Procedure
Trace contract name to primary records; extract cash and crypto protection clauses.
Document baseline
Coinbase, Inc. is named; crypto is not FDIC/SIPC protected and qualifying cash treatment is conditional.
Pass artefact
Every displayed protection statement maps to asset, entity, condition and source.

SOURCES / Coinbase · NYDFS · FCA

Custody-path trace

Objective
Verify who controls keys and withdrawal authority.
Fixed inputs
Hosted BTC balance and one external address; no Wallet product.
Procedure
Record title/key clauses, whitelist/security steps and the external transaction path.
Document baseline
The provider controls hosted-wallet private keys while contractual title remains with the customer.
Pass artefact
Control, restriction and chain hand-off are captured without contradictory custody labels.

SOURCES / Coinbase · Coinbase Help

Security and recovery challenge

Objective
Test whether configured controls survive lost-device recovery.
Fixed inputs
No-value account; passkey/2FA state fixed; clean second device.
Procedure
Attempt recovery and a sensitive change; record identity checks, delay and notification.
Document baseline
The 2025 support-chain incident makes identity/recovery controls material.
Pass artefact
No control is silently bypassed; every exception and escalation is logged.

SOURCES / US SEC · US SEC

Regulatory-scope check

Objective
Stop permission evidence from becoming a global endorsement.
Fixed inputs
US service plus one named comparison market.
Procedure
Match entity/activity to regulator record and note exclusions or enforcement.
Document baseline
NYDFS/FCA records are entity and activity specific.
Pass artefact
The output states exactly what the record proves and does not prove.

SOURCES / NYDFS · FCA · Coinbase

Simple-versus-Advanced cost

Objective
Measure total acquisition cost under identical economics.
Fixed inputs
USD 1,000 BTC/USD; same account and five-minute window.
Procedure
Capture preview, spread basis, order type, fee, fill and immediate withdrawal quote.
Document baseline
Provider documents distinguish fee-plus-spread and maker/taker routes.
Pass artefact
Receipts reconcile to the final asset amount; no omitted cost line.

SOURCES / Coinbase Help · Coinbase Help

Funding-to-exit clock

Objective
Measure liquidity of the customer route, not deposit convenience.
Fixed inputs
One bank rail, fixed amount, supported asset/network.
Procedure
Time deposit availability, purchase, withdrawal release and chain arrival.
Document baseline
Terms allow route-specific limits and operational conditions.
Pass artefact
All four clocks, fees, holds and notices are timestamped.

SOURCES / Coinbase

Execution/API repeatability

Objective
Test order quality and API boundary.
Fixed inputs
BTC/USD notional, UTC window, market and passive limit; restricted API key.
Procedure
Record depth, spread, fill, slippage, cancellation, permission defaults and revocation.
Document baseline
Advanced documentation establishes an order book and fees, not performance.
Pass artefact
UI/API results reconcile within declared tolerance and keys cannot exceed scope.

SOURCES / Coinbase Help

Privacy/telemetry inventory

Objective
Map mandatory and optional account data.
Fixed inputs
Default settings captured before changes; one data request.
Procedure
Inventory identity, device/security, marketing and third-party payment fields; test controls.
Document baseline
A hosted verified account necessarily processes identity and transaction data.
Pass artefact
Every observed data purpose, recipient/control and request outcome is recorded.

SOURCES / Coinbase · US SEC

Support and dispute hand-off

Objective
Measure accountable remedy after a benign policy issue.
Fixed inputs
One written fee/withdrawal question; no material account value.
Procedure
Log bot/human transitions, evidence demands, case owner, final answer and external route.
Document baseline
The contract supplies a dispute frame; incident history raises support-chain relevance.
Pass artefact
A written, entity-specific outcome and escalation path are obtained or failure is documented.

SOURCES / Coinbase · US SEC

DECISION ENVIRONMENTS

Run the product as a user would decide.

D-1

Retail buyer

Environment / Verified US account, USD bank rail.

Variables / USD 1,000 BTC, Simple versus Advanced.

Output / Total acquisition and exit receipt.

PUBLISHED
D-2

Security-first holder

Environment / No-value account, all available controls enabled.

Variables / Lost device plus sensitive-setting change.

Output / Recovery/bypass evidence.

PUBLISHED
D-3

Active trader

Environment / Fixed pair, tier and UTC liquidity window.

Variables / Market/limit plus restricted API.

Output / Fill, slippage and permission trace.

PUBLISHED
D-4

Dispute claimant

Environment / Named US contract and benign written case.

Variables / Fee/withdrawal question and data request.

Output / Case ownership and escalation result.

PUBLISHED

CHANGE SIGNALS

Timeline affecting the rig.

  1. Support-chain data theft disclosed.

    Recovery, impersonation and support evidence became mandatory axes.

  2. Annual filing quantified incident-related cash expense.

    Remedy/governance stays open beyond initial disclosure.

  3. US agreement updated.

    Entity, custody and fee baselines must be re-frozen.

ALTERNATIVE RIGS

Test another object when the variable changes.

Kraken

Granular account-control configuration is the leading decision variable.

MetaMask + hardware wallet

Direct signing authority is the required outcome.

STOP GATE

MEDIUM CONFIDENCE

BASIS
Current contract, fee documents and SEC records provide repeatable documentary baselines.
BLOCK
Controlled runs for cost, withdrawal, recovery, privacy, API and support are published as fixed protocol outputs.
CHANGE CONDITION
A contract change, repeatable exit/control failure or strong controlled evidence changes the conclusion.

METHOD

Control discipline.

  1. Freeze object, entity, account and time window.
  2. Write expected evidence and pass condition before execution.
  3. Use low/no-value accounts and preserve receipts without secrets.
  4. Report documentary baseline and runtime output separately.

CHANGE LOG

Rig revisions.

Added ten executable protocols and four user-decision environments; official records re-retrieved.

FAQ

Protocol questions.

Does this lab claim Coinbase is cheapest?

No; the matched cost run is published and the protocol defines the measurement.

Is Coinbase Wallet tested?

No; it is a different custody object.

Is crypto FDIC insured?

No; qualifying cash has separate conditional language.

What blocks a rating?

Unexecuted cost, exit, recovery and remedy protocols.

SRC

Primary-source register

Document review dated . Author: Axial Proof Editorial Team. Independent reviewer: Axial Proof Review Team.

ARTEFACTS