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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 towards users and freezing the accounts of some Cryptocurrency holders.
With your testimonyX user named TheBullishTradR fueled the debate over 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 they are not newand 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.”
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Another social network user named cbsimmonsjr6 reported having gone through a similar experience mentioning both the exchange and its founder, Brian Armstrong: “Same here: after transferring funds, CoinbaseSupport told me that ‘Coinbase is a trading platform’ (implying 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, ensures that 14 days have passed since the exchange froze your 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 to receive assistance.
Coinbase has been restricting the accounts of some of its users. Source: Social network Coinbase message
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.
“Your account has recently been flagged for a manual review.” Source: Social Network X, nanovisuals
Coinbase launched on December 4 a video on their social networks where they show 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 that right, Scambase?
Social network X, crypto_bardd.
This is not the first time that CriptoNoticias has reported this year fund blocking events by the most important cryptocurrency exchange in the United States.
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.
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