Coinbase CEO Brian Armstrong announced a major improvement in addressing the issue of unwarranted account freezes on the platform. He admitted the problem had persisted longer than acceptable but stated that significant progress has been made.
Progress on Account Freezes
Armstrong revealed that Coinbase has reduced the number of account freezes by a whopping 82%. He credits the work of team member Dor Levi, hired in April, for spearheading the improvements. Further improvements are on the way, with Armstrong promising to keep users updated.
Faster Response Times
Coinbase is also prioritizing faster responses to customers with frozen accounts. Users whose accounts are still restricted (excluding those restricted for illegal activity or sanctions) are urged to contact @coinbasesupport for immediate assistance.
How Coinbase Fixed the Problem
Levi explained that the improvements involved significant investments in machine learning models, infrastructure, and team expertise. These upgrades led to more accurate identification of legitimate accounts, resulting in fewer freezes. Coinbase also streamlined processes like source-of-funds verification and KYC (Know Your Customer) checks, allowing for more self-service solutions to resolve restrictions. The goal is to make account freezes extremely rare, reserving them only for legally mandated situations or to protect users from scams.
