Why is my Coinbase Account Restricted and How can I Unrestrict it?

Coinbase is a digital trading platform that allows users to buy, sell and trade Bitcoin and other cryptocurrencies. Since launching in San Francisco, CA, in 2012, Coinbase has grown significantly to become one of the largest crypto brokerage exchanges in the industry.

What Are The Reasons Behind Coinbase Account Restriction?

Occasionally, Coinbase may restrict a customer account’s access to purchase/sell services due to a breach of the User Agreement. It can happen for several reasons, including but not limited to a high risk of fraud. In this case, the customer will have full use of the digital currency wallet even if the buy/sell service is disabled. You can withdraw any funds remaining in your USD, EUR, GBP, CAD, or another local currency wallet to a verified bank account.

How to Fix a Restricted Coinbase Account?

To affix a restricted Coinbase account, you must contact Coinbase Support. But before doing so, you must first check if the sale of cryptocurrencies is supported in your country. If you live in Australia, New Zealand, or Singapore, you cannot sell cryptocurrency on Coinbase. Therefore,  you cannot add payment methods. In this case, contacting Coinbase support is redundant as they inform you that selling cryptocurrencies is not yet supported in your country. The solution is to move the cryptocurrency from Coinbase to another exchange such as Binance and sell it there. If your country supports crypto for sale, but your Coinbase account is still restricted, you should contact Coinbase for assistance.

Here are some guidelines mentioned to fix your restricted Coinbase account.  

1.      Contact Coinbase Support

Visit the Coinbase Help Center to report the issue. (https://help.coinbase.com).

2.      Product Selection

You will need to go to the contact page and select your product. That includes “Coinbase”, “Coinbase Pro”, “Coinbase Custody”, etc. Please select “Coinbase” as your Coinbase account is not working fine.

3.      Choose The Problem You Are Facing

Once you have selected the product you need help with, scroll to the bottom of the form. Now you have to choose the category of the problem you are facing. You can follow these steps to resolve the issue.

1. First, I’m having trouble adding a payment method, so I choose to trade and finance on Coinbase.
2. Second, select “Buy, Sell or Convert Cryptocurrency.”
3. Third, if you cannot sell your cryptocurrency, select “There is a problem with the sale.” Fourth, choose “Fiat Wallet” to trade with a fiat wallet.
4. Finally, select “Translation not complete/not displayed.”

 4.  Provide Information About The Problem

Once you have selected the problem you are experiencing, you will need to provide additional information about it. It includes the amount of cryptocurrency you want to sell, the date of the transaction, the reference code, and more. If you cannot start a sale, ask, “When was the transaction date?” You can display it in the field. Type your mailing address in the Email address section registered with your Coinbase account. Later, enter a subject for your question against the message.

 5.    Problem Description

After providing additional information about the issue, scroll down the page. Now you have to describe the problem you’re facing. Here is an example of an explanation. “Hi Coinbase Support, I am unable to add payment methods because my Coinbase account is restricted. I need your assistance to resolve this issue”. Finally, click “Send Verification Email” to confirm your email and send the message. After sending the message, you need to wait for Coinbase’s response. Coinbase typically responds to emails within 24 hours. Therefore, you should check your Coinbase emails in your inbox regularly.

How Can You Make Your Account More Secure?

Coinbase has extensive security measures to ensure that your account and cryptocurrency investments are kept secure, but ultimately security remains a shared responsibility.Here are some practical steps you can take to protect your investment and protect your account from unauthorized access.

1.      Use  Strong Passwords

Use a  long, random,  unique password for your Coinbase account. Never use the same password twice for your online account! To make things easier, here’s a link to reset your password so that you can harden your password right away. Use the most secure two-factor authentication format. It is highly recommendable to use a security key to protect all your online accounts from theft. You can learn more about why we consider security keys the standard for account security here. If you don’t currently have a security key, Yubico is a popular choice.

Suppose you’re not ready to invest in security keys or don’t want to use them. In that case, your next best option is a Time-Based One-Time Password (TOTP) with a mobile authentication app like Duo or Google Authenticator. TOTP can greatly reduce the chances of your account being hacked.

2.      Email Protection

Your email is one of the most important links between you and your Coinbase account. Make sure it’s safe! We use your email to check for new devices, send you important notifications about your account, and contact you if you need support.

3.      Block Mobile Accounts

A SIMswap or phone port attack occurs when an attacker sends an attacker’s phone number to a mobile device under the attacker’s control. This type of attack threatens any account that uses SMS-based two-factor authentication and any account that can be recovered using phone authentication. Scammers can do this through various means, including identity theft and the social engineering of carrier support representatives.

Conclusion

If your Coinbase account isn’t working, you cannot buy or sell cryptocurrencies. Likewise, you cannot buy or sell cryptocurrencies if your Coinbase account is still on hold. If your Coinbase account is still under review, you will need to wait for it to be approved. It may take several weeks for Coinbase to verify your identity in some cases. Because too many users have signed up for the exchange. As mentioned in the article, cryptocurrency sales are not supported in all countries. Therefore, even if you complete the KYC process, you cannot sell cryptocurrency. If you want to sell your cryptocurrency but cannot sell it, you can transfer it to an exchange like Binance to sell it.