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Why Coinbase Freezes Customer Accounts During Bitcoin Bull Runs?

Coinbase, one of the leading cryptocurrency exchanges in the US has been infamous for crashing during times of bitcoin price surge. Now another report claims that the leading exchange has frozen millions of customers out of their account during the peak bull season starting towards the end of October.

Many San-Fransico-based customers have come out to report a similar experience with the cryptocurrency exchange. The affected users revealed that they received a message from the exchange asking them to re-upload their identification proof in the form of a driving license or passport, however, many users complained that despite re=uploading the documents, their account went under review without any warning or reason behind the same.

Source: DailyMail

A subreddit dedicated to Coinbase revealed that they have been getting 50-100 posts of similar incidents on the platform who reportedly couldn’t log in to their accounts without knowing the reason behind it.

One of the affected traders on the platform revealed,

‘I thought this was odd as I was already verified’, he told This is Money, ‘but did the required steps anyway.

‘Since then my account has been blocked from accessing my assets completely. I cannot trade, convert, or withdraw my coins. I have money which is gaining no value that I wanted to convert to bitcoin.’

Coinbase Unfreezes Affected Account But Does Not Reveal the Reason Behind It

Customers who were impacted by this bizarre technical ‘glitch’ revealed that the issue seems to be sorted out as they were able to login back to their Coinbase accounts, however, the crypto change is yet to offer a clarification behind such events. In 2020 alone there have been at least 10 outrage incidents on the Coinbase exchange which have prohibited the user from trading on the platform.

 

 

 

Source: DailyMail

Traders on the platform were more outraged this time around because the Coinbase glitch came right at the peak of this bull season when bitcoin prices went as high as $19,700 on many exchanges.

Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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