Coinbase CEO Brian Armstrong stated the crypto alternate has lowered pointless restrictions on its customers by 82%, which has been a “main situation” for the alternate.
In a June 6 X put up, Armstrong acknowledged that account freezing has been an issue “for longer than is appropriate,” and that it has change into a prime precedence for his agency to enhance.
“The problem has been lowered by 82% up to now, with extra enhancements coming. We’ll preserve you up to date as additional enhancements roll out,” Armstrong stated, earlier than asking all clients with frozen accounts to contact Coinbase Help.
Coinbase customers have expressed frustration over account restrictions for years, reporting sudden freezes lasting a number of months or longer, prompting some to desert the platform.
Buyer confidence in Coinbase was additionally not too long ago shaken by a mass information breach that uncovered the main points of greater than 70,000 buyer accounts.
Armstrong credited the progress to Dor Levi, a member of Coinbase’s product group, who got here on board 9 weeks in the past with the first aim of fixing the account restrictions.
In a put up of his personal, Levi stated a lot of the progress has come from making “vital investments” in Coinbase’s machine studying fashions and infrastructure.
“We’ve improved the precision and recall of all our fashions, and are seeing fewer restrictions/freezes because of this.”
Coinbase will proceed to implement account restrictions imposed by court docket orders and sanctions to stay compliant with the legislation, Armstrong and Levi famous.
Regardless of the progress, a lot work stays, stated Levi, who admitted that as a Coinbase person himself, the expertise with account restrictions nonetheless doesn’t meet his “personal bar.”
I joined @coinbase 9 weeks in the past with an important aim: fixing pointless account restrictions.
When you’re on CT, you understand how vital this situation has been for customers. I actually am a Coinbase person and our restriction expertise just isn’t assembly my very own bar.
The aim is evident: Account… pic.twitter.com/zvGuM3QSZi
— Dor (@dorvonlevi) June 6, 2025
Coinbase customers say they’ve been locked out for a number of months
In response to Armstrong’s put up, one X person stated they’ve been utterly locked out of their Coinbase account for over two years, whereas one other stated they deserted the platform after enduring an eight-month freeze.
One other X person attributed the prolonged account freezes to Coinbase’s buyer help group.
“At Coinbase, this can be very arduous to talk to a dwell customer support individual,” they stated, including that it “can take ceaselessly to trace somebody down.”
Associated: Coinbase conscious of not too long ago disclosed information leak since January: Reuters
Coinbase can also be planning to strengthen its safety measures after illicit actors bribed a few of its abroad customer support brokers to entry government-issued ID pictures and residential addresses of round 70,000 Coinbase clients final December. The incident was solely disclosed in mid-Might.
https://t.co/evpIBMFvRW pic.twitter.com/f6UPdkL5R0
— Brian Armstrong (@brian_armstrong) Might 15, 2025
One X person even claimed {that a} household good friend of theirs misplaced Bitcoin (BTC) and Ether (ETH) in a rip-off that they imagine was linked to the current Coinbase information breach.
Coinbase stays one of many world’s largest crypto exchanges, with over 100 million customers and is the most important custodian of the spot Bitcoin exchange-traded funds.
Journal: Coinbase hack exhibits the legislation most likely received’t shield you: Right here’s why
