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Coinbase CEO Brian Armstrong mentioned the crypto trade has lowered pointless restrictions on its customers by 82%, which has been a “main subject” for the trade.
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 grow to be a high precedence for his agency to enhance.
“The problem has been lowered by 82% thus far, with extra enhancements coming. We’ll preserve 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 data breach that uncovered the small print of greater than 70,000 buyer accounts.
Coinbase says fewer restrictions as a result of improved fashions
Armstrong credited the progress to Dor Levi, a member of Coinbase’s product crew, who got here on board 9 weeks in the past with the first objective of fixing the account restrictions.
In a put up of his personal, Levi said 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 regulation, Armstrong and Levi famous.
Regardless of the progress, a lot work stays, mentioned 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 objective: fixing pointless account restrictions.
If you happen to’re on CT, you understand how vital this subject has been for customers. I personally am a Coinbase person and our restriction expertise is just not assembly my very own bar.
The objective is obvious: 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 said they’ve been utterly locked out of their Coinbase account for over two years, whereas one other said they deserted the platform after enduring an eight-month freeze.
One other X person attributed the prolonged account freezes to Coinbase’s buyer assist crew.
“At Coinbase, this can be very arduous to talk to a stay customer support particular person,” they said, including that it “can take without end to trace somebody down.”
Associated: Coinbase aware of recently disclosed data 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 images and home addresses of round 70,000 Coinbase clients final December. The incident was only disclosed in mid-Might.
https://t.co/evpIBMFvRW pic.twitter.com/f6UPdkL5R0
— Brian Armstrong (@brian_armstrong) May 15, 2025
One X person even claimed {that a} household pal of theirs misplaced Bitcoin (BTC) and Ether (ETH) in a rip-off that they imagine was linked to the current Coinbase knowledge 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 shows the law probably won’t protect you: Here’s why