Coinbase, the largest US crypto exchange, which has been on the SEC's radar recently, made statements about user accounts today.
Stating that some user accounts do not meet the updated standards during routine reviews, Coinbase announced that they have disabled accounts in this category.
Stating that the funds of users whose accounts are deactivated are safe, Coinbase added that users can withdraw their balances and send them to other crypto money platforms.
Coinbase shared the following statements:
“As the most reliable and secure crypto platform, we regularly monitor our systems and actively manage our product to ensure the best user experience.
During a recent routine review, we identified some accounts that no longer meet our updated standards.
Therefore, we are deactivating some accounts and will allow customers to update their information at a later date.
Affected users' funds remain safe with us and they can continue to withdraw their balance and send it to other crypto service providers.
Coinbase will continue to raise the bar to provide the best possible experience for the crypto community.”
We are therefore disabling a number of accounts and will allow customers to update their information at a later date. In the meantime, affected users’ funds remain safe with us, and they continue to be able to withdraw their balances and send to other crypto service providers. https://t.co/ORS2ovk41x
— Coinbase Support (@CoinbaseSupport) April 3, 2023
It was reported that Coinbase sent the following message to many users in Turkey.
Coinbase as of April 09, 2023, as we disable access to accounts that no longer meet our updated standards for these services. com or the Coinbase app to let you know that you will no longer be able to access it.
You do not need to take any action as your Coinbase account has a zero balance.
You can continue to use Coinbase Wallet, our self-managed crypto wallet that gives you complete control over your cryptos."
What the updated standards are has not yet been announced.