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Coinbase restrictions almost ruined crypto traders wedding

Coinbase restrictions almost ruined crypto traders wedding WikiBit 2025-01-17 22:00

A Coinbase user says that the crypto exchange nearly scuppered his dream wedding after it placed res

A Coinbase user says that the crypto exchange nearly scuppered his dream wedding after it placed restrictions on his account that would have prevented him from paying for his first-choice venue.

CoinDesk writer Griffin McShane claimed yesterday on X that his wedding was placed in jeopardy after Coinbase froze his deposit withdrawals and placed restrictions on his account for two months.

McShane tagged Coinbase and said, “Please explain to me how blocking access to my account for two months is protecting me because I cant get any support information or support from your support team.”

The post quickly picked up traction and Coinbase eventually resolved McShanes account issues. However, he claimed that this intervention was only possible due to the “support of friends on X and in web3.”

“I‘m fortunate to have a network from working in the industry and people who were willing to help, but can’t imagine how this feels for people without the same support,” said the relieved groom-to-be.

Before it was resolved, McShane noted, “Its absolutely insane that the only advice anyone can give me to resolve this issue is to tag Brian and Coinbase on X and hope they see it.”

Wedding post raised wider Coinbase issues

McShanes post resonated with lots of disgruntled Coinbase users. The Block co-founder Mike Dudas claimed his account was also restricted and that it also took a public tweet to resolve it. He further claimed the same issues cropped up days later.

Crypto sleuth ZachXBT also criticized the exchange, claiming, “Coinbase has a large fraud problem they have not disclosed publicly before and the ‘solution’ is falsely blocking legitimate users.”

“Internally they need to provide more support to victims and actually act on intel instead of doing nothing with it where it gets lost bc of corporate inefficiencies,” he said.

Others called the issues at Coinbase “structural,” and struggled to grasp how such a prominent company “can have such bad compliance/anti fraud policies.” Coinbase also received backlash last December for its VPN restrictionswhich some called “lazy.”

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