Coinbase CEO Brian Armstrong mentioned the crypto change has decreased pointless restrictions on its customers by 82%, which has been a “main situation” for the change.
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 turn out to be a prime precedence for his agency to enhance.
“The problem has been decreased by 82% up to now, with extra enhancements coming. We’ll maintain you up to date as additional enhancements roll out,” Armstrong mentioned, 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.
Coinbase says fewer restrictions attributable to improved fashions
Armstrong credited the progress to Dor Levi, a member of Coinbase’s product staff, who got here on board 9 weeks in the past with the first purpose of fixing the account restrictions.
In a put up of his personal, Levi mentioned 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 in consequence.”
Coinbase will proceed to implement account restrictions imposed by courtroom orders and sanctions to stay compliant with the legislation, Armstrong and Levi famous.
Regardless of the progress, a lot work stays, mentioned Levi, who admitted that as a Coinbase consumer himself, the expertise with account restrictions nonetheless doesn’t meet his “personal bar.”
I joined @coinbase 9 weeks in the past with an important purpose: fixing pointless account restrictions.
If you happen to’re on CT, you understand how vital this situation has been for customers. I personally am a Coinbase consumer and our restriction expertise will not be assembly my very own bar.
The purpose 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 consumer mentioned they’ve been fully locked out of their Coinbase account for over two years, whereas one other mentioned they deserted the platform after enduring an eight-month freeze.
One other X consumer attributed the prolonged account freezes to Coinbase’s buyer help staff.
“At Coinbase, this can be very exhausting to talk to a dwell customer support particular person,” they mentioned, including that it “can take endlessly to trace somebody down.”
Associated: Coinbase conscious of not too long ago disclosed information leak since January: Reuters
Coinbase can be planning to strengthen its safety measures after illicit actors bribed a few of its abroad customer support brokers to entry government-issued ID photographs and residential addresses of round 70,000 Coinbase clients final December. The incident was solely disclosed in mid-Could.
https://t.co/evpIBMFvRW pic.twitter.com/f6UPdkL5R0
— Brian Armstrong (@brian_armstrong) May 15, 2025
One X consumer even claimed {that a} household pal of theirs misplaced Bitcoin (BTC) and Ether (ETH) in a rip-off that they consider was linked to the latest Coinbase information breach.
Coinbase stays one of many world’s largest crypto exchanges, with over 100 million customers and is the biggest custodian of the spot Bitcoin exchange-traded funds.
Journal: Coinbase hack reveals the legislation most likely received’t shield you: Right here’s why
