CEO of Coinbase says unnecessary account freezes have been reduced by 82%
Coinbase CEO Brian Armstrong said the cryptocurrency exchange has reduced unnecessary restrictions on its users by 82%, which has been a "major issue" for the exchange.
In a post on X on June 6, Armstrong acknowledged that account freezing has been a problem "for longer than acceptable" and that improving it has become a top priority for his firm.
"The issue has been reduced by 82% so far, and more improvements are coming. We will keep you informed as new enhancements are implemented," said Armstrong, before urging all customers with frozen accounts to contact Coinbase Support.
Coinbase users have expressed frustration over account restrictions for years, reporting sudden freezes lasting several months or longer, leading some to leave the platform.
Customer trust in Coinbase was also recently affected by a massive data leak that exposed the details of over 70,000 customer accounts.
Armstrong attributed the progress to Dor Levi, a member of the Coinbase product team, who joined nine weeks ago with the main goal of addressing account restrictions.
In a post of his own, Levi said that much of the progress comes from making "significant investments" in machine learning models and Coinbase's infrastructure.
"We have improved the accuracy and recovery of all our models, and as a result, we are seeing fewer restrictions/freezes." Coinbase will continue to impose account restrictions mandated by court orders and sanctions to remain compliant with the law, Armstrong and Levi noted.