Coinbase, one of the largest cryptocurrency exchanges, announced an 82% reduction in the number of frozen accounts. This decision is related to the much-awaited improvement of customer service.
Problems with Account Freezes
Coinbase CEO Brian Armstrong acknowledged that account freezing is a serious issue for users. He mentioned that this has been a problem 'for longer than is acceptable' and has become a priority for the company. Many users reported freezes lasting months, which caused frustration and led some to abandon the platform.
Achievements of the Coinbase Team
Armstrong noted that efforts to reduce account freezing issues are yielding results, thanks to the work of Dor Levi, a new member of the Coinbase team. He stated that an 82% reduction in freezes has been achieved in the past nine weeks, with more improvements expected. Levi added that significant investments have been made in the company’s machine learning models and infrastructure, which will help reduce the number of freezes.
User Feedback and the Future of Coinbase
Despite improvements, users continue to report long account freezes. Some stated they had been locked out of their accounts for over two years. Individual cases suggest issues with customer service, which made it difficult to communicate with company representatives. Coinbase is also discussing strengthening security measures following a recent data breach that affected over 70,000 customer accounts.
Coinbase continues to take steps to improve the platform's operation and address the issues faced by users regarding account freezes. This may help restore client trust in the exchange.
