Coinbase CEO Brian Armstrong stated the crypto trade has decreased pointless restrictions on its customers by 82%, which has been a “main challenge” for the trade.
In a June 6 X submit, Armstrong acknowledged that account freezing has been an issue “for longer than is suitable,” and that it has turn out to be a high precedence for his agency to enhance.
“The problem has been decreased by 82% to date, with extra enhancements coming. We’ll hold you up to date as additional enhancements roll out,” Armstrong stated, earlier than asking all clients with frozen accounts to contact Coinbase Assist.
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 knowledge breach that uncovered the main points of greater than 70,000 buyer accounts.
Coinbase says fewer restrictions on account of 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 objective of fixing the account restrictions.
In a submit of his personal, Levi stated a lot of the progress has come from making “important 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 regulation, Armstrong and Levi famous.
Regardless of the progress, a lot work stays, stated 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 objective: fixing pointless account restrictions.
In case you’re on CT, you understand how important this challenge has been for customers. I actually am a Coinbase consumer and our restriction expertise shouldn’t be assembly my very own bar.
The objective 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 submit, one X consumer stated they’ve been fully 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 consumer attributed the prolonged account freezes to Coinbase’s buyer help staff.
“At Coinbase, this can be very laborious to talk to a reside customer support particular person,” they stated, including that it “can take endlessly to trace somebody down.”
Associated: Coinbase conscious of not too long ago disclosed knowledge 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) Could 15, 2025
One X consumer even claimed {that a} household good friend of theirs misplaced Bitcoin (BTC) and Ether (ETH) in a rip-off that they consider was linked to the latest Coinbase knowledge 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 regulation in all probability gained’t shield you: Right here’s why