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Coinbase freezes sending and receiving funds to evaluate some accounts manually.
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Another message, more concise, urges you to contact support to unfreeze the blocked account.
The community on social networks has shown its discontent over some recent events within Coinbase. Some users, especially those with large holdings within the platform, are criticizing the exchange’s compliance measures. According to them, Coinbase is behaving more aggressively with users and freezing the accounts of some cryptocurrency holders.
With his testimony, the X user called TheBullishTradR fueled the debate about Coinbase’s recent actions. In a post yesterday, December 5, this user questioned the American exchange and its creator as follows: “Hello, Coinbase and brian_armstrong, why can’t I access my 1.2 million in your “unbanked application”?”
An X user named SunCityBikeLife commented that these Coinbase actions are not new, and that Reddit is saturated with historical information about similar events. He then goes on to list the reasons why the exchange allegedly blocks and freezes accounts:
“When you haven’t logged in for a while, noted. If you log in from a “different device”, noted. If you have a different IP address, flag it. If you have a new phone, noted. If you move to another state, noted. If you have a new ID in a different state, noted.”
SunCityBikeLife, X network user.
Said user comments that he himself experienced the severe restrictions of Coinbase, and that solving it with the exchange’s customer service was a process that took more than 8 hours and involved sending photos of himself, identification documents and the reconfiguration of your double authentication factors. SunCityBikeLife closed by saying “now it’s scary to enter and exit the app, will it happen again? It is a difficult pill to swallow (…). “I also can’t imagine having a million dollars or more on Coinbase.”
Another social network user named cbsimmonsjr6 reported having gone through a similar experience mentioning both the exchange and its founder, Brian Armstrong: “I say the same thing: after transferring funds, CoinbaseSupport told me that ‘Coinbase is a trading platform’ (giving to understand that my money should not leave the platform) and that ‘we are protecting it’. “Then they asked me to verify my identity (again), but the account is still restricted.” Nanovisuals, for its part, claims that 14 days have passed since the exchange froze its funds.
Coinbase Automated Messages
When attempting to use and transfer their cryptocurrencies, users receive various security messages within the exchange. One of them tells them that their personal account is restricted, and that they contact support through the page https://support.coinbase.com for assistance.
On other occasions, the exchange has announced to other users that their account will be manually reviewed by the exchange operators, and that while the process lasts, they will not be able to buy or sell cryptocurrencies. This message ensures that, in the meantime, the funds are safe in Coinbase and that there are no reasons for alarm.
On December 4, Coinbase put up a video on its social networks showing Isaac Miller, a bitcoin investor, showing the price of BTC at USD 100,000 within the exchange. This post carries the message: “$100k. 11 years later.” In response, a user ironizes the publication, wondering, given what was recently seen with the blocks on Coinbase, if the bitcoin stored by users on the exchange could last up to eleven years stored on the platform without experiencing irregular events.
Could someone’s bitcoins last 11 years on Coinbase? Or are we going to see our account banned like that of others who have been on their platform for a long time? Is it so, Scambase?
Red social X, crypto_bard.
This is not the first time that NoticiasVE has reported fund blocking events by the most important cryptocurrency exchange in the United States this year.
On September 28, a user of the platform shared a strange automated message from Coinbase indicating that, to protect against “potential losses,” their funds would not be able to be sent for an entire month, until October 28.
Although bitcoin and cryptocurrency exchanges are very useful for trading crypto assets, recent events remind us of the importance of exercising self-custody. At the time of writing, the official Coinbase customer support account on X has not made any explicit mention about the barrage of user complaints. In fact, the last message published by Coinbase Support It dates back three months.