David Edwards
Brian Armstrong, the CEO of Coinbase, has reported that the company has made great strides in resolving one of the most common user concerns on the site: extended account freezes. Armstrong called freezing problems a “major issue” that is now being aggressively fixed in a June 6 statement on X, acknowledging that they have long tormented Coinbase users and were unacceptable.
Armstrong claims that Coinbase has already lowered needless account limitations by 82%, and he credits this progress to a fresh emphasis on streamlining its internal processes. He advised users who are still having issues gaining access to get in touch with Coinbase Support.
For years, Coinbase has been plagued by the issue of frozen accounts. Many users have complained about being locked out of their accounts for months or even years at a time, frequently without prompt customer service or a clear reason. Some users have completely stopped using the platform as a result of these instances, which have damaged their confidence.
Armstrong attributed the initiative to Dor Levi, a new member of Coinbase’s product team. Since joining the company nine weeks ago, Levi has been in charge of improving the machine learning infrastructure. He clarified that there has been a significant decrease in false-positive freezes as a direct result of increased model precision and recall.
Armstrong and Levi acknowledged that more work needed to be done in spite of these advancements. Even though Coinbase is still enforcing restrictions in accordance with court judgments and sanctions, Levi admitted that the overall user experience on the site is still lacking.
User opinions are still divided. In response to Armstrong’s tweet, some users complained about the company’s unreachable customer service and detailed being locked out for protracted periods of time—one for more than two years. The inability to contact live agents, which many claim leads to lengthy resolution delays, was a frequent source of annoyance.
Additionally, the disclosure follows a significant security breach that made over 70,000 Coinbase users’ personal information public. According to reports, bribed foreign customer service representatives were responsible for the leak, which gave access to residential addresses and official identification documents. The public’s scrutiny of Coinbase’s user safety procedures was heightened by the December hack, which was not made public until May.
With more than 100 million members and the largest custodian of spot Bitcoin exchange-traded funds (ETFs), Coinbase maintains its position as one of the biggest cryptocurrency exchanges in the world while attempting to restore user faith. The company’s ability to address persistent problems with account access will probably be crucial to preserving its leadership position in the market.
