Coinbase Account Restricted: What’s the buzz?
Coinbase account restricted 2021 was searched for by some of the 89 million verified users of the biggest exchange in the United States, measured by volume. There are growing reports of accounts of many customers temporarily disabled.
Coinbase account restricted 2022 continues to gain grounds as millions of customers continue to deal with limitations on their accounts. It is not surprising to see why is my Coinbase account still restricted gaining millions of hits on search engines.
According to Coinbase, if an account holder violates the User Agreement, they may restrict access to essential features of the customer's account, such as buying and selling cryptocurrencies. Factors contributing to buy/sell services being disabled include a high risk of fraud. Per regulations, Coinbase adheres to anti-money laundering rules which helps counter-terrorism financing.
As a result, the exchange has a zero-tolerance policy when it comes to activities intended to lead to personal financial gain at the expense of others.
Once this happens, customers hold onto their digital currency wallets, although they will not be able to engage in buying and selling activities. Plus, as Coinbase provides a custodial wallet, funds remaining in the wallets in the form of accepted fiat currencies like the Great Britain Pound (GBP), Euro (EUR), United States Dollar (USD), and Canadian Dollar (CAD), can be withdrawn to a verified bank account linked to the Coinbase account.
Coinbase, by daily volume, is one of the largest cryptocurrency exchanges globally. The exchange supports more than 50 cryptocurrencies and several markets. Statista's report on the largest cryptocurrency exchanges in the world, based on 24h volume, was last conducted on March 28, 2022. Coinbase Exchange finished in 11th place. It recorded around $3.26 billion for the day.
Therefore it is not appropriate for millions of users to bump into such blocks which prevent them from going about their trading activities effortlessly. Coinbase competes with Binance, Upbit, CoinFLEX, OKX, and others. Finding out your Coinbase account is restricted countless times may not bode well for the platform's fortunes.
Now that you know why your account is still restricted, the next step is how do you resolve a restricted Coinbase account?
How do I resolve a restricted Coinbase Account?
Several Coinbase accounts restricted after verification have this issue resolved within 10 business days of going through a resolution process. If your Coinbase account is restricted, follow the steps below to remove this restriction.
First and foremost, ensure that personal accounts attached to your Coinbase accounts, such as email, have been secured with multi-factor authentication. Secondly, with details of your Coinbase account intact, perform a password reset that guarantees access to your custodial wallet.
Thirdly, provide essential details to Coinbase Support. At this stage, Coinbase will require details of your last successful sign-in and who authorized access to the account.
You will be asked to provide information on transactions that you did not authorize, including the time of transactions and the amount of money involved.
In addition to these, you must provide specifics on how the multi-factor authentication set and passwords of emails were compromised. Lastly, Coinbase will ask for additional information that can help them understand the nature and purpose of the attack.
Frequently Asked Questions (FAQs)
How long does it take to unrestrict a Coinbase account? Coinbase restricted accounts are treated as high-priority cases. You'll need patience as Coinbase uses 10 business days to investigate the necessary security reports that will help resolve the problem completely.
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Author: Raphael Darkwah
Raphael Darkwah/ Albert Zuhnden (preferred pen name) is a crypto finance expert who has covered several projects since taking a stake in Bitcoin in 2016. He has covered NFTs, decentralized finance, decentralized cloud storage networks, stablecoins, and several blockchain projects. He believes blockchain technology could revolutionize the world of work and money.