Michaela Alvez
Coinbase has addressed customer complaints about account restrictions, but an X Community Note contradicted the company’s response, confirming that accounts were, indeed, being restricted.
Over the weekend, numerous Coinbase users took to X to share their frustrations, reporting issues such as being locked out of their accounts and facing difficulties with withdrawals.
In a post on the same platform, Coinbase’s support account issued a thread claiming that many of the complaints were “FUD/misinformation.” The crypto exchange explained that the account restrictions were a result of “a surge of new users and old users re-activating their accounts post-election.”
1/ There’s a lot of FUD/misinformation out there about Coinbase restricting accounts.
— Coinbase Support (@CoinbaseSupport) December 8, 2024
The thread went on to explain that, in addition to the surge in users, Coinbase had also observed a 2-3x increase in fraudulent attempts. The exchange touted that its fraud prevention systems helped save customers tens of millions in potential losses in November alone.
Coinbase assured users that those facing account restrictions were not being overlooked, emphasizing that the company is working diligently to respond as quickly as possible.
However, an X Community Note attached to Coinbase’s post revealed that several user comments under the thread came from individuals whose accounts were restricted. The note also stressed that this issue has been ongoing for years.
Users who commented on Coinbase’s post complained that their accounts had been restricted long before the recent surge in account restrictions. Many also expressed frustration with its customer support, describing it as unhelpful and inadequate.
Longstanding Account Issues at Coinbase
In what seemed to be a hint at future issues, Coinbase’s Product Director Scott Shapiro advised followers on X last Monday to avoid using VPNs, ad blockers, and other extensions when accessing the platform. He clarified that their risk models view VPN usage negatively, as hackers often rely on them to mask their activities.
Several users responded negatively to this post, with some labeling it a troll. A user named @metastash criticized Shapiro and said that his message implied Coinbase expected customers to compromise their personal security measures in order to use the platform.
Shapiro then acknowledged that after reviewing his previous posts he stated that they were “poorly worded.” The product director further clarified that Coinbase believes that “privacy is a fundamental right.”
Read More
- Coinbase CEO Promises to Cut Ties with Law Firms Backing Anti-Crypto Officials
- EU’s MiCA Forces Coinbase to End USDC Yield Program
- Coinbase Delists Wrapped Bitcoin: A Power Play or a Necessary Move?
Michaela 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 Magazine and The Shib Daily are the official media and publications 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.
