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Coinpaprika 2024-12-10 07:40:51

Coinbase Faces Backlash Over Account Freezes

Coinbase Faces Backlash Over Account Freezes

Coinbase is facing significant criticism after numerous users reported account restrictions, with some alleging their accounts have been frozen for months or even years. The complaints surfaced on X, where users disputed Coinbase’s explanation that a "minor increase" in restricted accounts was due to inactivity and FUD (fear, uncertainty, and doubt). On December 9, Coinbase Support acknowledged a sharp rise in platform activity following the election, citing a 2-3x increase in fraud attempts. According to Coinbase, this surge led to automated fraud-prevention measures, resulting in higher account restrictions and longer customer support response times . The exchange said it was working to address the issue but has faced strong pushback from users. Many have shared frustrations online, accusing Coinbase of misleading the public. Reports describe lengthy freezes on trading and withdrawals, with some accounts flagged for extended manual reviews or VPN usage. One user claimed their account was locked simply for using a VPN, while others reported receiving little to no support from Coinbase despite repeated inquiries. Influential figures in the crypto space have joined the criticism. Glauber Contessoto, a prominent investor, stated, “Coinbase needs a 24/7 customer service line where users can speak to a real person to resolve issues. It shouldn’t be this difficult.” Hundreds of similar comments flooded Coinbase’s posts, underscoring widespread dissatisfaction with the exchange’s customer support. Coinbase has faced additional challenges this year. In October, a phishing attack led to a $6.5 million loss , with funds laundered through TON-linked wallets. More recently, Coinbase exited the Turkish market, citing regulatory difficulties. These issues reflect broader obstacles faced by crypto exchanges in navigating global compliance environments. Despite these setbacks, Coinbase saw significant financial success in 2024. Increased crypto trading activity and favorable regulatory developments in the US helped the company achieve a 97% year-to-date stock gain. Its layer-2 network, Base, also reached notable milestones, surpassing six million daily transactions in Q3 and ranking as the fifth-largest blockchain by total value locked (TVL). While Coinbase’s financial performance remains strong, the backlash over restricted accounts highlights the need for improved customer service and better communication with users. The company faces mounting pressure to address these issues as its user base continues to grow.

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