Coinbase is the go-to platform to buy, sell and manage digital assets and it has quickly become one of the most popular ways to manage assets and withdraw payments to bank accounts in the crypto world. Nonetheless, like with other financial platforms, it is critical for the organization to provide a secure environment for all users. This necessitated the necessity to restrict or freeze accounts for a variety of reasons that we must comprehend. If your Coinbase account is showing an error saying your Coinbase account is restricted, it’s vital to get to the bottom of the issue as quickly as feasible.
Why Is My Coinbase Account Restricted?
Answer:
Coinbase’s restriction of your account is to ensure that the money you deposit is used for the purpose that you intended. Coinbase is an online cryptocurrency exchange that offers the ability to buy and sell digital currency.
The personal account can be restricted for many different reasons, including:
- Not verifying your identity
- Using a stolen credit card
- Using an unlicensed money transmitter
- Being a suspected terrorist
- Abusing the platform
Coinbase will restrict an account if they believe that the user is violating their agreements or policies.
Some reasons for account restriction include using a rooted device, attempting to breach security, and closing the account.
1. Infringement of the Coinbase User Agreement
A violation of the Coinbase Users Agreement is when an account holder no longer meets all of the requirements specified by Coinbase. The reasons for violating this agreement can include, but are not limited to:
- Profile is not publicly available
- Account has been frozen for a period of time
- A large number of transactions have been made without the user’s approval
2. Your Account Has Seen Unusual Activity
This can be something like a hacked password, or that someone is trying to use your account for their own purposes.
This might happen when you are away from the computer or on vacation.
3. The verification process was not completed or failed
When a Coinbase visitor clicks on the “Verify” button, they are redirected to a verification page. The verification process will allow them to verify their identity and then complete the sign-up process.
If you’ve failed to provide all the required documents to fulfill the verification process, your Coinbase account will become restricted to only receiving cryptocurrencies until the process is complete.
How to Fix Coinbase Account Access Restrictions
Provide required documents
If your account is restricted and you haven’t provided the document to fulfill the KYC process then, this is the step.
To fix an account that is restricted from receiving funds, you will need to provide the following documents:
- A photo ID (Driver’s License or Passport)
- Proof of residence (Utility bill or Bank statement)
Once you’ve provided all the documents, it can take up to a week for Coinbase to verify your account. You will be notified by email when this is complete.
Change your password on Coinbase and Activate 2FA
When you login to your Coinbase account, the page will tell you that access is restricted. This means there are two things happening:
- You have not authenticated with 2FA (2-Factor Authentication)
- Your account is locked because of too many failed logins.
To fix these issues, follow the steps below:
- Enable 2FA on your Coinbase account
- Change your password
Contact Coinbase’s Customer Support
If none of the above worked to fix a Coinbase account restriction, you should contact customer support.
You can do this by clicking the “Contact Us” button on their website.
The first step is to find the “I am a Coinbase customer” form on their website.
Next, you need to fill out your email address and what type of account restriction you’re going through.
Then, you send it in and wait for an answer, this might take up to 5 business days.
Coinbase Account Restricted FAQ
Here are some common questions regarding the matter.
If you rather try out another platform to purchase cryptocurrencies effortlessly, see our comparison of Coinbase and eToro.
