Coinbase, the greatest American exchange, takes measures to rebuild users’ confidence in the middle of one of the most controversial problems of the platform, freezing of accounts.
Users are denouncing the efforts of money and unsuccessful unsuccessful recovery despite the submission of the KYC (knowing your customer) documentation required.
Has Coinbase finally solved his account freezing problem?
CEO of Coinbase, Brian Armstrong, announced an important breakthrough in one of the most controversial problems of the platform: unnecessary accounts.
According to Armstrong, the company has reduced account restrictions by 82%. This decision could reshape the way retail users and companies receive exchange.
The Exchange Coinbase Executive has credited the realization in Dor Levi, the new rental of the platform responsible for revising the restriction system.
Based on x comments (Twitter), account gels have long been a pain in Coinbase users. Some cite the need for long and opaque verification process.
Complaints have varied from several weeks to KYC’s repeated requests, even after previous submissions.
“My account is frozen for weeks despite the submission of all the documents of KYC required … This causes real financial damage for many loyal users,” wrote Hunter, development / investment manager of senior ecosystems in Tron.
Dor Levi, who joined Coinbase nine weeks ago, described his team’s reforms in detail. He explained that improving automatic learning models (ML), improved infrastructure and the addition of self-service tools in the application allowed Coinbase to reduce the frequency of gels without compromising compliance.
“The account gels should be rare, limited to the situations that justify them, mainly when we are legally obliged … or protect users … We have made significant investments in our ML models, our infrastructures and our teams … Most of the types of restrictions will soon be resolved via self -service – much more effective than before,” said Levi.
Notwithstanding, despite the consideration of progress as potentially transformers, the initiates of the industry encountered the update with cautious optimism.
“I love Brian. It was a huge problem in the perception of Coinbase. I personally stopped using Coinbase because of the hoops necessary to unlock my account,” said Mondoggg, co -founder of Resonance Lab.
The influencer Alex Becker agrees, referring to that the functionality could attract users to Coinbase, potentially positioning it as a “corporate bank account”.
However, damage to the reputation of Coinbase among retail investors remain significant, indicating that Coinbase still has a long way to go before rebuilding the credibility for this sector of customers.
With the reduction of 82% now reached and more updates promised, the question becomes whether Coinbase can fully recover its reputation beyond being an exchange of crypto, but potentially as a functional and secure platform so that companies store and move capital with confidence.
“The damage is a bit done with retail,” said Crypto YouTuber Wendy O.
Wendy also noted that its large social public through platforms had a sour feeling about the platform. Additional comments also indicate pending or unresolved cases.
“My account is limited because I cannot produce a declaration of property of my metamask wallet that I use to file stablescoins in Coinbase,” wrote the co-founder of Bitpay, Tony Gallippi.
While Coinbase seems to take aggressive measures to resolve its long -standing restriction problem, the way to restore user confidence is far from over.
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