Brian Armstrong, CEO of Coinbase, says that the top of the American crypto exchange has drastically reduced the Ferris agencies of accounts.
In a new message on the social media platform X, Armstrong out Coinbase has freezing a top priority to solve unjustified account, while acknowledging that the problem took longer than should.
“Freezing accounts has long been a major problem in Coinbase than acceptable. I could mention a number of underlying reasons why it became so bad in the first place, but more importantly, is that we have made a priority for it, and we have made good progress …
The problem has been reduced by 82% so far, with more improvements. We will keep you informed as further improvements. ”
Armstrong also promises a more timely response to customers whose accounts are frozen.
“If your account is still limited (not for sanctioned or illegal activity), send a message @coinbasesupport and we will give priority to it as quickly as possible.”
Armstrong gives the honor to the product team member of Coinbase Dor Levi, who was hired in April to reach the solution.
Separate Levi,
“If you are on CT (Crypto Twitter), you know how important this problem has been for users. I am a coinbase user and our limitation experience does not meet my own bar.
The goal is clear: freezing must be rare, limited to situations that justify them, especially when we are legally required (for example sanctions or judicial orders) or protect users (for example against compromises of scams or account). We are dedicated to get this right.
Recent releases have enabled us to make enormous improvements without sacrificing our legal and regulatory obligations or our dedication to safety.
In short:
- We have reduced the frequency of account locks by ~ 82% to date, and new changes are currently being rolled out that will make further reductions.
- We have made significant investments in our ML models (machine learning), infrastructure, modeling and teams. Until now we have improved the precision and reminder of all our models and we see fewer limitations/freezing.
- We have set up guardrails and checks/balances to ensure that we maintain the focus on this and not stop itteren.
- We also tackle this problem from the other side by moving processes such as source of funds verification and improved KYC (know your customer) in the app. This means that most restriction types have self -service flows to remove limitations, which is much more efficient than previous options. “
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Generated image: midjourney