Coinbase CEO Brian Armstrong identifies account freezing as a significant concern, securing a 82% reduction so far, with further enhancements on the horizon.
Updated Daily Hodl Article
Title: Coinbase Drastically Reduces Account Freezes: CEO Brian Armstrong Shares Progress on Addressing User Frustrations
Hey there, crypto enthusiasts! Let's dive into the latest news from the world of blockchain and digital assets.
In a recent update, Coinbase CEO Brian Armstrong announced that the top US-based cryptocurrency exchange has made substantial strides in reducing unwarranted account freezes. This issue, which has been a source of user frustration for quite some time, has now experienced an 82% reduction, per Armstrong's statement on the social media platform X.
Armstrong acknowledged that the issue had lingered longer than it should have, but emphasized that the resolution has been a top priority. He added that further improvements are on the horizon and promised to keep users updated on the progress.
"Account freezing has been a major issue at Coinbase for longer than is acceptable. We've made it a priority to fix, and we have been making good progress... The issue has been reduced by 82% so far, with more improvements coming. We'll keep you updated as further improvements roll out." - Brian Armstrong, Coinbase CEO
Armstrong also assured users that if their account remains restricted (exempting situations involving sanctioned or illegal activity), they should contact @coinbasesupport to expedite the resolution process.
Credit for these advancements goes to Coinbase product team member Dor Levi, who was brought on board in April. According to Levi, the goal is to make account freezes a rarity, limited to situations such as legal obligations (e.g., sanctions or court orders) and protection against potential scams or account compromise.
Levi detailed the improvements achieved by investing in machine learning models, infrastructure, modeling, and teams, resulting in enhanced precision and recall of all models, and fewer restricted/frozen accounts. New changes are currently rolling out, with further reduction promised.
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"The latest news from the world of blockchain and digital assets includes updates on cryptocurrency exchanges. For instance, Coinbase, one of the leading US-based exchanges, has seen an 82% reduction in account freezes, as announced by CEO Brian Armstrong. Moreover, investors are keeping an eye on altcoins, as Galaxy Ventures recently backed RISE Chain, which aims to launch the fastest zone for real-time apps on Ethereum."
