Coinbase CEO Highlights Freezing of Assets as a Significant Problem
Hey there!
It looks like Coinbase is taking some big steps to address an issue many of their users have been vocal about for quite some time – freezing customer accounts. Dor Levi, a recent addition to the Coinbase team, is leading the charge to sort this problem out and the goal is clear: getting rid of unnecessary account restrictions.
Levi posted a video addressing the issue and stated that account freezes should only occur in extreme cases like court orders, sanctions, or safeguarding users from scams or compromised accounts. It's promising to see that Coinbase has already reduced account lockouts by a whopping 82%!
To tackle this issue, Coinbase has invested heavily in upgrading their machine learning models, infrastructure, and core teams. This means better accuracy when it comes to detecting potential risks, and a better experience for customers.
Levi mentioned that they've also established checks and balances to ensure they stay on track with this focus, promising that they won't stop iterating to improve things further.
Excitingly, Coinbase is also making changes to streamline processes that were previously manual. Tasks such as source-of-funds checks, and enhanced Know Your Customer (KYC) steps will now be moved directly into the app, letting users resolve issues more easily without waiting for slow or vague support responses.
While there's still work to be done, Brian Armstrong, Coinbase’s CEO, emphasized this isn't a one-time fix. They're introducing new checks and balances to make sure these improvements continue. If you find yourself in the unfortunate situation where your account is restricted despite not being due to legal or sanction reasons, Armstrong encourages users to reach out to Coinbase Support via DM.
Coinbase is also making waves by adding wrapped XRP and DOGE to their base layer 2. Keep an eye out for more exciting developments from this forward-thinking platform!
Dor Levi, in his mission to improve Coinbase's customer experience, has acknowledged the importance of technology in solving the issue of account freezes. He stated that they've invested heavily in upgrading machine learning models, infrastructure, and core teams to enhance detection of potential risks, thereby reducing account lockouts significantly. In the realm of finance, Levi also highlighted the integration of new checks and balances into the process, ensuring continuous improvement and reducing the need for manual, time-consuming tasks like source-of-funds checks and enhanced Know Your Customer (KYC) steps.
