The Coinbase exchange has been blocking the accounts of all French users for 24 hours. They are invited to answer a questionnaire to find the access to the platform’s functionalities.
Coinbase has been blocking the accounts of French users for 24 hours.
Coinbase blocks French users
The Coinbase exchange has been blocking the accounts of French users since Wednesday 16 December. Moreover, no notice has been given. The users concerned can no longer buy, sell or withdraw their cryptomoney.
The exchange requires additional verification in the form of a questionnaire. In particular, the client’s professional situation and the frequency of investments are requested. Once this additional information has been validated, clients regain full access to the exchange.
What is the reason for the blockage? This decision could echo the recent tightening of regulations in France concerning identity verification procedures on platforms. On 9 December, Bruno Le Maire presented an order (No. 2020-1544) to the Council of Ministers modifying the customer knowledge process.
👉 For more information: Ordinance of 9 December 2020 applicable to PSANs – Analysis and critique
Technical problems and warning message
In addition, Coinbase has experienced several service interruptions as a result of the historic Bitcoin movement. On Wednesday, the exchange was inaccessible for almost 2 hours. Coinbase communicated: „Coinbase.com is experiencing connectivity problems. »
Coinbase regularly experiences technical difficulties during periods of strong influence. However, Brian Armstrong, CEO of Coinbase, recently stated that the exchange is currently working on a site upgrade.
In an official message on Thursday 17 December, Coinbase also highlighted the risks associated with investing in cryptomoney and mentioned that digital assets are more volatile than traditional financial instruments. We can read in the warning :
„While it is great to see the markets recover, we cannot stress enough the importance of understanding that investing in cryptomoney is not without risk. »
Translated with www.DeepL.com/Translator (free version)