As an analyst with extensive experience in the cryptocurrency market, I must say that Coinbase’s recent issues with account restrictions have been quite disheartening to observe. Having witnessed the meteoric rise of several exchanges over the years, it is alarming to see one of the industry’s giants stumble under such scrutiny.
Critics are intensely questioning Coinbase’s customer service following allegations from users on platform X about limited access to their accounts. This backlash ensued after Coinbase stated that an uptick in restricted accounts was due to prolonged inactivity and FUD (fear, uncertainty, and doubt). However, numerous users have voiced concerns through comments, detailing instances where their accounts have been frozen for months, if not years. Moreover, users on X have collectively expressed disagreement with Coinbase’s statement, claiming it to be untrue.
Coinbase Support Faces Major Scrutiny from Users
On Monday, December 9th, Coinbase support acknowledged an uptick in account usage, with both new and reactivated users. The exchange stated that this surge had resulted in a 2-3 fold rise in fraudulent attempts.
After the election, there’s been a significant rise in both new and returning users on our platform. As with any surge, we’ve noticed a 2-3 times higher rate of fraudulent attempts, leading to more accounts being restricted and extended customer service wait times.” – Coinbase stated on their platform (previously known as Twitter).
On the contrary, members of the cryptocurrency community have disputed Coinbase’s version of events. Users have added comments to Coinbase’s posts about X, alleging that the firm has been deceitful towards the public and claiming that restrictive measures on accounts are commonplace.
User Kyle Brehm stated that his Coinbase account has been inaccessible for several months, primarily due to the fact that he utilized a VPN on one occasion. He mentioned that each time he submits the required information, a new request follows.
Numerous individuals have faced lengthy suspensions on their Coinbase accounts, with some spanning over years, often without a clear reason provided. Many users reported that their accounts got limited after utilizing VPN services or were subjected to prolonged manual assessments. Some users experienced halts in trading and withdrawal activities for months at a time.
For over a week now, my Coinbase account is being manually reviewed which means I’m unable to trade or withdraw funds. All I can do is watch and reach out to Compliance and the Support team for resolution. However, no response has been given to my inquiries yet.
The issue has sparked significant outrage, with hundreds of comments flooding Coinbase’s posts. The staggering number of complaints highlights the severity of customer dissatisfaction.
In simpler terms, “Influencer and Dogecoin Millionaire, Glauber Contessoto, stated today that many people believe Coinbase has a customer service issue. He suggested they should provide a 24/7 phone support system where you can talk to a real person promptly about your account concerns, and receive answers and solutions without delay.
It’s important to note that Coinbase is experiencing issues beyond just user complaints. The platform has decided to leave the Turkish market, shutting down its operations following the withdrawal of its regulatory application. This action reflects similar difficulties that other platforms such as Binance and KuCoin have faced in navigating Turkey’s regulatory landscape.
In the month of October, Coinbase encountered yet another hurdle as a phishing scheme resulted in a loss of approximately $6.5 million. A cybercriminal posing as Coinbase Support managed to steal funds, clean them through wallets linked to TON, and subsequently disappeared after erasing their social media presence.
In spite of these hurdles, Coinbase demonstrated financial strength throughout 2024. A surge in cryptocurrency trading and possible changes in U.S. regulations fueled the exchange’s stock, resulting in a 97% increase in value since the beginning of the year.
As a crypto investor, I’m thrilled to share that my chosen platform’s layer-2 network, Base, has made significant strides. In the third quarter alone, it processed over six million daily transactions, a remarkable achievement! Currently, it stands as the fifth-largest blockchain in terms of Total Value Locked (TVL). This is a testament to its growing popularity and robustness.
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2024-12-10 01:05