Gushiken Yona
Frustration is boiling over as Coinbase users report widespread access issues, with numerous complaints surfacing about restricted accounts and difficulties withdrawing funds, raising alarms about the platform’s customer service and security measures.
Coinbase Silence Fuels Anxiety as Users Report Locked Accounts
One user raised alarm on social media, questioning why their $1.2 million dollars were locked on Coinbase’s “debanked app.” The lack of official response or clarity from Coinbase ignited discussions around “Coinbase account access complaints December 2024” and the urgent need for “Troubleshooting Coinbase account restrictions.”
As more users expressed their dissatisfaction and shared similar problematic experiences with the platform, the absence of clear communication from Coinbase further fueled their anxiety. With no public statement from the company or CEO Brian Armstrong, customers were left waiting for answers, searching for solutions to ‘Why is my Coinbase account restricted?’ and discussing their experiences on the topic.
Self-Custody Gains Traction Amid Coinbase Users Concerns
The ongoing situation reignited the debate around the importance of self-custody for crypto assets and the principle of “Not your keys, not your assets explained.” Crypto experts and influencers weighed in, with some strongly advocating for users to take control of their digital assets.
Anados Finance co-founder Panos Mekras stated, “Self-custody is the only way. It’s almost 2025, and there are 0 reasons to be using a CEX. You can already onramp, offramp, trade, access any type of financial/blockchain service directly through your wallet and self-custody account. Be your own bank, take control of your money.”
This sentiment is echoed by many in the crypto community who are increasingly wary of the risks associated with centralized exchanges and are exploring “Coinbase self-custody vs. centralized exchanges” options. Crypto researcher and investor CryptoMark pointed out a further concern, even for those with full access: “I would avoid @coinbase like the plague as their fees are way too high. If you cashed out in the bull market and wanted to transfer, for example, £500k from your Coinbase account to your bank, the fees just for the transfer alone would be £10k.”
However, some industry voices offered a different perspective. “Paid post. steer clear of the FUD,” stated @KryptoQuasar, an ambassador for @TheSandboxGame. “Any customers restricted are probably ones that haven’t responded to KYC requests. They recently sent out notices requiring you to confirm personal information. There was a time limit for that. They also [are] offering impeccable customer support for those that have signed up for Coinbase One.”
Prior to the complaints of multiple Coinbase users, the CEX recently launched Coinbase One Premium, a new subscription service offering “Unlimited zero trading fees,” and other benefits at a cost of $299 per month. The company is positioning this service as a solution for “Benefits of Coinbase One for advanced crypto traders,” but questions remain about whether it will address the core issues of account access and customer support that are currently plaguing the platform.
The Shib Daily has sought comment from Coinbase regarding the reported account restrictions and their impact on user assets. This story will be updated with the company’s response.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
