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Dave Miller – Tech Enthusiast & Security Expert – July 13th, 2022
Facing limitations that prevents you from purchasing or selling your preferred assets and keeping your Coinbase account restricted? You have come to the right place. Coinbase is the most straightforward and reliable platform for buying and selling cryptocurrencies, which uses leading security techniques to protect consumer money and assets.
But extra essential security may also be the source of your issues because Coinbase security protocols may restrict or freeze your accounts. However, there may be several other causes as well, so to remedy the problem, you must determine what brought about it in the first place.
Continue reading the article for some potential causes and solutions to the issues you may be experiencing with your Coinbase account.
Coinbase by Coinbase Global, Inc. is an American cryptocurrency trading company founded in 2012. the revolutionary notion that anybody may send and receive cryptocurrencies conveniently and securely provide the basis of Coinbase. With a workforce of 4900+ professionals, Coinbase is a well-established cryptocurrency exchange today that provides a secure and user-friendly platform for gaining access to various crypto industries.
Over 100 countries and 98 million verifiable Coinbase users already trade $309 billion worth of assets on the site every quarter. Each digital asset listed on Coinbase is put through a rigorous assessment process to ensure it complies with its compliance and security standards.
Every financial platform offers a secure environment for users to access. Similarly, Coinbase believes that a robust and secure cryptocurrency business is essential to the development and maturation of the crypto economy.
Since blockchains can get quickly examined, the cryptocurrency business has the benefit of enabling this analysis. So, in collaboration with industry partners, Coinbase provides intelligence analysis on the strategies, methods, and practices used by attackers and blockchain analysis. It enables Coinbase to collaborate with victims to freeze cash and return stolen assets which may lead to accounts getting restricted to freeze.
In addition, several more factors may also warrant blocking or freezing accounts, some of which are covered below.
First and foremost, if Coinbase restricts a customer’s account due to a breach of their User Agreement. Coinbase has the right to freeze, limit, or even terminate the customer’s account, as mentioned in the User Agreement at the link below.
Coinbase will occasionally require you to prove your identity to stop fraud and to make significant adjustments to your account. Furthermore, you must verify your identity to use all of Coinbase’s services, link your payment method, and withdraw money from it.
Users of Coinbase Pro will have access to a different service provided by Coinbase that necessitates two types of ID verification. When you start the ID verification procedure, please ensure sure you are uploading a compatible ID type that gets identified by Coinbase. Unfortunately, they will only take IDs that are compatible with those categories.
Note: if you still cannot correctly verify your identity, please contact Coinbase Support to start a manual review.
The error message “Coinbase account restricted” may also mean that there is now a limitation on your account, maybe because of security reasons. The account will be instantly limited if the Coinbase security team suspects that your account got targeted by a malicious user and discovers any evidence of fraud. To remove this limitation, Coinbase Security must conduct another evaluation.
Note: This restriction was present even with many users after activating two-factor authentication and phone verification as extra security measures. Ensure your mobile device software and the Coinbase app are up to date if you’re having problems performing 2-step verification to sign in to your account.
You now realize that having restrictions placed on your Coinbase account is a security issue that requires your attention. So, use the techniques listed below for How to restore your Coinbase account’s functionality and remove the restriction
Note: The methods listed here can undoubtedly assist you with your Coinbase account problem. But Coinbase will offer the best answer since they will give you a message outlining the specifics when you have a Coinbase Account Restricted notification.
As previously explained, account verification is essential for utilizing Coinbase for trading. It involves several steps and works to stop the fraud and usage of fake accounts. Although Coinbase didn’t always require Identity Verification to join the platform, now they demand that everyone enter their information.
First, make sure you have included all the relevant information. Make sure the name on your ID matches your real identity while filling out the form, and ensure that there are no errors.
Visit their verification page while logged into your Coinbase account to begin the verification process.
According to Coinbase, the problem with Coinbase Account Restricted may get resolved by just changing your password. But to apply this approach, Remember that this only functions if your account has already undergone KYC verification using the way mentioned above. It’s easy to reset the password in two ways; just follow the instructions below.
Method #2
Step #1: To reset your password, click the following link.
Step #2: Coinbase will give you further instructions for resetting the password when you provide your registered email.
Visit the following link if you’re having difficulties resetting your password.
Method #2
Step #1: Go to Coinbase’s settings and choose the Security tab.
Step #2: You may quickly update your old password under the Password area and confirm it with the OPTP code you got through SMS on your registered cell phone number.
Step #3: Please return to the Trading Crypto section now and see whether it was successful for you.
If the above procedures didn’t help you solve a Coinbase account restricted problem, you can contact Coinbase support through the steps listed below
Step #1: The links below will take you to the Coinbase support website or help center.
Step #2: A variety of proucts will get shown for you to choose from following the sort of account you have. Typically, you have eight alternatives to choose from.
Step #3: You must first choose the right product before selecting the problem you’re having. There will be a variety of alternatives accessible in different boxes with the already mentioned issues. Select the categories that best describe your problem as you scroll down the form.
Step #4: The transaction date, referencing code, and email id connected to your Coinbase account are the following details you must submit.
Step #5: In this stage, you will get given a free hand to describe your issue in your own words. Be concise and provide any details that can assist Coinbase in more accurately pinpointing your problem.
You have completed the necessary steps and must now wait for the authorities’ answer.
In this period of recovering your Coinbase account, the Coinbase staff will review and reinstate access to the account once you have finished one of the procedures mentioned above. Coinbase will look at all security reports and typically respond in 24 hours via email or within 10 to 15 business days. Certain matters may need more time, depending on the type of cryptocurrency involved.
Customers still have full access to their assets in the wallets even when buy/sell services are prohibited whenever Coinbase restricts an account. A verified bank account can get used to withdraw funds from a local currency wallet once the pending transaction has cleared before the account closure process begins.
Even though an account limitation can be stressful, most of them get removed in a few days, so you should be able to resume trading right away. Therefore, there is no reason for concern.
Although highly unusual, Coinbase may also restrict, close, or freeze client assets on its platform. It is to comply with sanctions programs run by the U.S. Office of Foreign Assets Control or according to a court order or other order from a body that has jurisdiction over Coinbase.
Here are some quick points to remember about the Coinbase Trading Platform.
Similar to creating a new online bank or brokerage account, signing up with Coinbase is quick and straightforward.
You can handle your Coinbase portfolio and track it all in one place.
Coinbase, has you covered whether you’re a newbie who prefers the standard Coinbase platform for upfront buy and sell orders, or you want to upgrade to Coinbase Pro for extra features.
Fact: Coinbase fees can be a little confusing in terms of their fees, which get based on the type of account you have, the size of the transaction, and the financing source.
You will access safe offline storage as a coin base user for most digital assets. You can also keep your money in a vault with timed withdrawals to increase security.
Coinbase accounts offer the most robust authentication mechanisms, such as physical keys, and feature multi-factor authentication.
Coinbase maintains FDIC insurance on all USD currency holdings up to a limit of $250,000. So you will get protected by insurance.
Overall, with all the features, Coinbase is an excellent choice for both experienced users and beginners if you’re interested in cryptocurrencies.
To keep your account and investments as secure as possible, Coinbase implements several security measures. Still, thousands of people have been scammed out of their money by hackers and other scams despite these robust security measures.
Therefore, there are various steps you may take to guarantee the security of your account. Here are a few crucial guidelines for protecting your Coinbase account.
Never share your password with anybody. Use a strong password and a separate password manager to quickly create and safely store passwords for all your online accounts. Coinbase also strongly recommends utilizing a 2-factor authentication to safeguard the account. The security settings for your Coinbase account also allow you to enable this feature
One of the most crucial links tying your Coinbase account to you is your email. Coinbase sends you critical information regarding your account using your email address. Please ensure the security of your email account. Check the website below to see whether your emails were affected by prior data breaches.
Use of Coinbase’s safe Vault gets highly recommended if you intend to store your assets for an extended period. Starting a withdrawal requires several email permission, and the withdrawal itself includes a 48-hour time delay to give you greater control.
Please do not hesitate to contact customer support if you have any questions or concerns about the security of your account. They are always active and assist you in enhancing account security. For updates and suggestions for improving security, check their frequent security blogs.
Coinbase is a popular platform that simplifies purchasing, trading, and swapping cryptocurrencies. It is advantageous for newbies since it provides a convenient starting point. Additionally, it allows you to safely link and trade cryptocurrency through your financial accounts while protecting FDIC-secured funds. However, there are constraints on Coinbase’s security to protect users from any unscrupulous trades. I’ve given you the fixes to try out in the hopes that they’ll work for you.
On their Support FAQ page, Coinbase has developed a collection of frequently asked questions to help you troubleshoot issues faster. To evaluate fast recommendations for fixing your problem, choose the article that is relevant to it.
Bonus Tip: Never fall victim to phishing schemes. Communicate with Coinbase if you think a suspicious message got sent by Coinbase or not through email security@coinbase.com so they can confirm its legitimacy. Additionally, If you feel anything questionable with your account, you can also report any theft or crime you’ve experienced right away at
https://www.ic3.gov/complaint/default.aspx
Make direct contact with authorities, and Coinbase will cooperate with all investigations by law enforcement.
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Dave Miller is an IT Consultant for Online Cloud Security and has over 7 years of experience in the Information Technology space. He also specializes in repairing laptops & computers. In his spare time, he loves to talk about new technologies and hosts monthly IT and Cyber Security meetings in the Houston area.
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Online Cloud Security is here to recommend you the most secure devices, from laptops to smartphones, we only want to provide you with products that we have tested and used ourselves for online security. Every product that we recommend is heavily inspected and tested for security against hackers, viruses, malware, and any other intruders that may want to steal your information.
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