restrictions – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Sat, 07 Jun 2025 21:48:18 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.9 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 restrictions – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 Coinbase CEO says unnecessary account restrictions has reduced by 82% https://earlybirdsinvest.com/coinbase-ceo-says-unnecessary-account-restrictions-has-reduced-by-82/ https://earlybirdsinvest.com/coinbase-ceo-says-unnecessary-account-restrictions-has-reduced-by-82/#respond Sat, 07 Jun 2025 21:48:18 +0000 https://earlybirdsinvest.com/coinbase-ceo-says-unnecessary-account-restrictions-has-reduced-by-82/

Brian Armstrong, CEO of Coinbase, said in an X post on Friday that the platform has reduced the issue of unnecessary account freezes and restrictions by 82% so far. Noting that unnecessary account freezing has been a “major issue” for Coinbase users “for longer than is acceptable,” he wrote:

“I could list a bunch of the underlying reasons why it [account restrictions] got so bad in the first place, but what’s more important is that we’ve made it a priority to fix, and we have been making good progress.”

Armstrong added that the exchange will continue to make improvements, announcing them as they are rolled out.

Steps taken by Coinbase to reduce account freezes

Armstrong’s claims came as a response to a post by Dor Levi, founder of smIXL, a real-time blockchain data simulation and analysis firm acquired by Dune Analytics last year. Levi, who is now part of the team working to fix Coinbase’s issue of account restrictions, detailed the steps taken by the exchange to address the issue.

Levi stated that he joined Coinbase with the sole purpose of helping fix the platform’s issue with account restrictions. He noted that the goal is to ensure that account freezes are “rare.” Restrictions on accounts should be limited to circumstances that necessitate them, such as legal obligations to adhere to sanctions or court orders, or to protect customers from scams and account compromises, he added.

Levi wrote:

“We’re committed to getting this right. Recent releases have enabled us to make huge improvements without sacrificing our legal and regulatory obligations, or our commitment to safety.”

He also listed certain measures that Coinbase has adopted to reduce account restrictions. This includes “significant investments” in machine learning (ML) models, infrastructure, modeling, and teams. These investments have helped improve the “precision and recall” of Coinbase’s models, resulting in fewer restrictions and freezes, Levi said.

The exchange is also moving processes like source-of-funds verification and enhanced know-your-customer (KYC) validation into the Coinbase app to speed up the process of removing restrictions. Levi wrote:

“This [moving processes into the app] means most restriction types will have self-service flows to remove restrictions, which is much more efficient than previous options.”

He added that the exchange has also established guardrails to ensure that reducing account freezes remains a primary focus.

Coinbase users have long complained about account freezes

For years, Coinbase was the second-largest crypto exchange by trading volume, second only to Binance, until Bybit bumped it in March 2024. Despite the considerable trading volume it handles each day, Coinbase users have long complained about inexplicable or unnecessary account freezes for prolonged periods.

In December 2024, EthHub co-founder Eric Conner took to X to complain that his Coinbase account was locked while trying to execute a transaction. Connor noted that the freeze was purportedly implemented because he used a virtual private network (VPN) to access his account.

Following Connor’s post, a barrage of similar complaints flowed in, sparking a social media backlash. Some users reported being locked out of their accounts for months or even years.

Coinbase product director Scott Shapiro explained at the time that the exchange’s risk models automatically flag access through VPNs, which are always used by miscreants. While some, like Blockworks co-founder Jason Yanowitz, supported Coinbase’s effort to protect users, Connor called it a “lazy implementation.”

The problem of frozen accounts persists, despite Coinbase’s efforts to fix it. In fact, a user replied to Levi’s post on Friday, stating that his account has been frozen for a week, after he tried to send $10 worth of crypto to a new account. The user, who noted that he has been a Coinbase customer for 10 years, said that the account restrictions were applied to all his assets, not just the ones he tried to use.

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]]> https://earlybirdsinvest.com/coinbase-ceo-says-unnecessary-account-restrictions-has-reduced-by-82/feed/ 0 40720 Gold Bars Rapidly Sell Out at Costco, Forcing Retail Giant To Slap New Purchase Restrictions on Customers: Report https://earlybirdsinvest.com/gold-bars-rapidly-sell-out-at-costco-forcing-retail-giant-to-slap-new-purchase-restrictions-on-customers-report/ https://earlybirdsinvest.com/gold-bars-rapidly-sell-out-at-costco-forcing-retail-giant-to-slap-new-purchase-restrictions-on-customers-report/#respond Mon, 12 May 2025 12:05:24 +0000 https://earlybirdsinvest.com/gold-bars-rapidly-sell-out-at-costco-forcing-retail-giant-to-slap-new-purchase-restrictions-on-customers-report/

A sudden rush in demand for gold is reportedly forcing retail giant Costco (COST) to put restrictions on how much customers can buy at a time.

Costco’s 24-karat gold bars, which debuted in June of 2023, have seen historic demand amid all-time high prices and inflation concerns, reports Bloomberg.

A survey from Bloomberg estimated that about 77% of Costco locations across the US that sell bullion bars were out of stock by the first week of October 2024, even after receiving fresh stocks in the previous weeks. Since then, the price of gold has gone much higher, currently trading at $3,248 after hitting an all-time high of $3,500.

Now, Costco’s checkout page for its gold bars states,

“Limit of one Transaction Per Membership, with a Maximum of two Units Per 24 Hours.”

In April of last year, banking giant Wells Fargo estimated that Costco was seeing as much as $200 million per month in revenue from its gold bar sales alone.

Said Wells Fargo equity analyst Edward Kelly at the time,

“Our work suggests there has been significant interest given COST’s aggressive pricing and high level of customer trust… The accelerating frequency of Reddit posts, quick on-line sell-outs of product, and COST’s robust monthly eComm sales suggest a sharp uptick in momentum since the launch.”

In addition to gold, Costco is also selling silver and platinum bars to its customers.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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]]> https://earlybirdsinvest.com/gold-bars-rapidly-sell-out-at-costco-forcing-retail-giant-to-slap-new-purchase-restrictions-on-customers-report/feed/ 0 35782 Fed Lifts Crypto Restrictions for Banks in Landmark Shift https://earlybirdsinvest.com/fed-lifts-crypto-restrictions-for-banks-in-landmark-shift/ https://earlybirdsinvest.com/fed-lifts-crypto-restrictions-for-banks-in-landmark-shift/#respond Sat, 26 Apr 2025 05:17:43 +0000 https://earlybirdsinvest.com/fed-lifts-crypto-restrictions-for-banks-in-landmark-shift/

The Federal Reserve Board on Thursday announced the withdrawal of guidance for banks related to their crypto asset and stablecoin activities, with changes to its expectations for these engagements.

According to a statement, the move aims to ensure its supervisory approach remains aligned with evolving risks and to support innovation within the banking system further.

Policy Changes

As part of this shift, the Board is rescinding its 2022 supervisory letter. The directive had required state member banks to provide advance notification of any planned or ongoing crypto asset activities. Under the new rules, banks will no longer be expected to submit such communications.

The Fed is also revoking a similar order from 2023 regarding the non-objection process for state member banks engaging in stablecoin activities. This eliminates the requirement for financial institutions to obtain prior approval before participating in such activities.

Oversight will now fall under standard regulatory supervision, with no need for pre-clearance

Additionally, the Federal Reserve, together with the Federal Deposit Insurance Corporation (FDIC), is withdrawing from two joint statements issued in 2023 by federal bank regulatory agencies. These communications had outlined the regulators’ views on the risks associated with crypto-asset exposures and provided preliminary guidance for banks operating in those markets.

Following the adjustments, the Fed will now work with the relevant agencies to evaluate whether additional or updated guidance is needed to support innovation on crypto-related activities.

This strategy reversal comes just weeks after the Office of the Comptroller of the Currency (OCC) made a similar move. The federal banking regulator also rolled back restrictions that had limited the involvement of financial institutions with crypto assets.

Before these policies were introduced, some industry figures had claimed that they and their businesses were denied traditional banking services solely because of their association with the digital asset industry. These allegations formed the basis of what came to be known as “Operation Chokepoint 2.0.”

Positive Industry Developments

Thursday’s decision is the latest in a series of favorable outcomes for the crypto industry under the Trump administration. Earlier this month, the U.S. Department of Justice (DOJ) announced it would no longer pursue criminal charges against crypto exchanges, developers, or users involved in regulatory violations.

That development followed the disbanding of the National Cryptocurrency Enforcement Team (NCET), a specialized DOJ unit that had previously handled crypto-related criminal cases.

In February, the Securities and Exchange Commission (SEC) reduced the size of its department responsible for crypto prosecution. The Commodity Futures Trading Commission (CFTC) also downsized its digital asset enforcement teams in January, leaving just two groups to handle relevant cases.

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]]> https://earlybirdsinvest.com/fed-lifts-crypto-restrictions-for-banks-in-landmark-shift/feed/ 0 32872 Nintendo finally sets Switch 2 pre-orders for April 24, but sales restrictions might be over the top https://earlybirdsinvest.com/nintendo-finally-sets-switch-2-pre-orders-for-april-24-but-sales-restrictions-might-be-over-the-top/ https://earlybirdsinvest.com/nintendo-finally-sets-switch-2-pre-orders-for-april-24-but-sales-restrictions-might-be-over-the-top/#respond Sat, 19 Apr 2025 12:08:21 +0000 https://earlybirdsinvest.com/nintendo-finally-sets-switch-2-pre-orders-for-april-24-but-sales-restrictions-might-be-over-the-top/

In context: Nintendo has set a new date for Switch 2 pre-orders: April 24. The company initially promised pre-orders would begin on April 9 but backtracked just days before, citing ongoing tariff uncertainty as the reason for the delay. With those trade concerns seemingly resolved or at least accounted for, Nintendo is giving it another shot.

The Switch 2 will still launch on June 5, featuring upgraded internals, improved Joy-Con controllers with magnetic snap-on rails, and backward compatibility for most digital Switch games. Nintendo has been relatively open about the hardware. However, its wishy-washy approach to pre-orders has caused confusion and speculation, particularly regarding its price.

When the company postponed the April 9 date, it issued a brief statement that blamed “evolving global trade conditions” and promised updates soon. That led to conjecture that Nintendo might be waiting for clarity on U.S. import tariffs – especially since the new console, like its predecessor, is manufactured in China, which faces the stiffest tariffs. A few analysts predicted Nintendo would delay the pre-order window by weeks or even months. So, the company’s new April 24 timeline is more optimistic than many expected.

Pre-orders will be available from Nintendo directly and through Amazon, Walmart, GameStop, Best Buy, and Target. Nintendo will offer two SKUs: a $450 standalone Switch 2 and a $500 bundle that includes Mario Kart World. That hasn’t changed. What has changed are the prices of some first-party accessories, including the Pro Controller, Joy-Con sets, and the charging dock, which now cost slightly more than their original announcement. A complete breakdown of products and pricing is available on Nintendo’s website.

With just six weeks left before launch, the new pre-order window gives buyers less time to secure a console – but it could also help Nintendo limit scalping. Scalping has been a hot-button issue for all major consoles. The original Switch was unavailable for over a year because of it. This time, Nintendo has heavily restricted pre-orders through its storefront.

Customers who want to buy directly from Nintendo must be at least 18, sign in with a Nintendo account, and register their interest before pre-orders open on April 24 – a queue for the queue, so to speak. While Nintendo says it will prioritize orders on a first-come, first-served basis, additional eligibility rules apply.

“Registrants who have purchased a Nintendo Switch Online membership with a minimum of 12 months of paid membership and a minimum of 50 total gameplay hours, as of April 2, 2025,” will receive the highest priority, the company says.

Qualifying customers will get email invitations valid for just 72 hours. In effect, Nintendo is offering first dibs to its most dedicated fans, but has put it behind a Switch Online subscription paywall. Casual buyers may have better luck with other retailers.

Since scalpers can and do still list guaranteed pre-order slots on eBay for double or more retail prices, brushing up on strategies to beat them might be wise. Check out how I landed a PlayStation 5 during peak demand – because these pre-orders will go fast.

]]> https://earlybirdsinvest.com/nintendo-finally-sets-switch-2-pre-orders-for-april-24-but-sales-restrictions-might-be-over-the-top/feed/ 0 31681 Bank of America Handing $2,850,000 To Customers in Settlement Over Alleged Illegal Fees and Account Restrictions https://earlybirdsinvest.com/bank-of-america-handing-2850000-to-customers-in-settlement-over-alleged-illegal-fees-and-account-restrictions/ https://earlybirdsinvest.com/bank-of-america-handing-2850000-to-customers-in-settlement-over-alleged-illegal-fees-and-account-restrictions/#respond Sat, 12 Apr 2025 04:02:42 +0000 https://earlybirdsinvest.com/bank-of-america-handing-2850000-to-customers-in-settlement-over-alleged-illegal-fees-and-account-restrictions/

Bank of America has agreed to a settlement that will require the second-largest US bank to shell out about $2.85 million to current and former customers.

The class action lawsuit alleged BofA violated New York’s Exempt Income Protection Act (EIPA) by mishandling and charging improper fees to customers who had been slapped with court-order restraints.

Specifically, the lawsuit says that BofA grouped multiple accounts together before calculating how much of the customers’ funds were legally protected, leading to more funds being frozen than allowed by law.

The lawsuit also alleged BofA issued checks to debtors for the exempt amount by regular mail, meaning that the class members faced delays in accessing the money needed for daily expenses.

BofA has agreed to the terms of the settlement without admitting to any wrongdoing. On top of the multi-million-dollar payout, BofA says it is permanently changing its practices, including:

  • Stopping aggregating accounts when computing how much money is protected by law.
  • Notifying account holders of their rights if their accounts had been restrained.
  • Halting the practice of issuing checks for exempt funds so customers can access their money as needed via debit cards, online bank transfers and others.

The settlement is subject to court approval.

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]]> https://earlybirdsinvest.com/bank-of-america-handing-2850000-to-customers-in-settlement-over-alleged-illegal-fees-and-account-restrictions/feed/ 0 30350 Crypto transfers are reportedly suffering restrictions in Europe https://earlybirdsinvest.com/crypto-transfers-are-reportedly-suffering-restrictions-in-europe/ https://earlybirdsinvest.com/crypto-transfers-are-reportedly-suffering-restrictions-in-europe/#respond Tue, 25 Feb 2025 22:31:11 +0000 https://earlybirdsinvest.com/crypto-transfers-are-reportedly-suffering-restrictions-in-europe/

Crypto transfers are being restricted in Europe through heavy know-your-customer (KYC) procedures and blocks, potentially linked to the Travel Rule, according to several local reports.

Hasu, the strategy lead at Flashbots, reported that Coinbase is blocking transfers in Europe to recipients other than the user. Additionally, when sending crypto to a self-custodial wallet, the user must sign a message to prove ownership.

If the user receives funds instead of sending them, the sender must be identified, including passport identification. This applies even if the user sends money to his Coinbase account from another source. 

Hasu said he didn’t try to avoid complying with Coinbase requirements, but he fears the whole account would be frozen.

Sam Harper, Argent’s crypto general council member, also reported the same issue. However, he said the message could not be signed from his self-custodial wallet, so he gave up on the transaction.

The analyst known as Ignas shared that OKX Europe requires the same steps as Coinbase. James Hunsaker, co-founder of Monad Labs, said Europe is a scary place for crypto these days.

Travel Rule potentially behind

Armani Ferrante, CEO of Backpack, said that these new compliance steps stem from the Travel Rule. He added that this is becoming “more and more common” and mandatory in certain jurisdictions.

Jordan Fish, also known by the crypto community as Cobie, also highlighted the new compliance requirements to the Travel Rule.

The Travel Rule is a set of guidelines designed by the Financial Action Task Force (FATF) mandating that financial institutions share certain information about the originator and beneficiary of wire transfers and other similar types of payments.

Blockchain developer Kris O’Shea also reported that he had to confirm the original sender when trying to deposit USD Coin (USDC) into his Revolut card from a MetaMask wallet.

On Jan. 7, Delphi Labs co-founder José Maria Macedo shared that the Banco of Investimentos Globais (BiG), one of Portugal’s largest banks, notified clients that fiat transfers to crypto platforms would be blocked.

According to Macedo’s report, the bank cited compliance with guidelines published by the European Central Bank (ECB), the European Banking Authority (EBA), and the Bank of Portugal about risks associated with offering digital assets.

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]]> https://earlybirdsinvest.com/crypto-transfers-are-reportedly-suffering-restrictions-in-europe/feed/ 0 21860 Senators press SEC for clarity on crypto ETP staking restrictions https://earlybirdsinvest.com/senators-press-sec-for-clarity-on-crypto-etp-staking-restrictions/ https://earlybirdsinvest.com/senators-press-sec-for-clarity-on-crypto-etp-staking-restrictions/#respond Sun, 23 Feb 2025 04:48:22 +0000 https://earlybirdsinvest.com/senators-press-sec-for-clarity-on-crypto-etp-staking-restrictions/

A group of US senators, led by Cynthia Lummis, has urged the Securities and Exchange Commission (SEC) to clarify its position on protocol staking in crypto exchange-traded products (ETPs) in a Feb. 20 letter. 

The lawmakers are seeking answers regarding the exclusion of staking from ETP issuers’ S-1 filings, which they argue impacts the competitiveness of U.S. asset managers and prevents investors from accessing core blockchain functions.

The SEC has allowed the registration of multiple digital asset ETPs but has consistently required issuers to remove protocol staking from their filings. 

As a result, the senators have requested that the SEC provide explicit reasoning for its decision to exclude staking from digital asset ETPs. 

They have posed three key questions regarding the rationale behind the restriction, the risks the SEC identified regarding staking, and whether the regulator would allow staking to be offered within a registered security instrument if the product is seen as an investment contract.

Additionally, the senators argued that increased transparency would help market participants understand the SEC’s regulatory position and inform potential legislative action if needed.

The senators have set an April. 1 deadline for the SEC to respond to its letter.

Competitive disadvantage

The senators contend that this stance limits the investment potential of these products in the US, placing them at a disadvantage compared to similar offerings in Canada, Europe, and the United Kingdom. The latter recently permitted digital asset ETPs with staking, supported by bipartisan backing from Conservative and Labour leadership.

Staking is integral to proof-of-stake (PoS) networks such as Ethereum (ETH) and Solana (SOL). It enables validators to secure blockchain networks by locking up native assets in exchange for transaction fees and newly minted tokens.

The letter authors argue that barring staking from ETPs prevents investors from realizing these benefits, reduces their potential returns, and weakens network security.

Staking discussions are heating up

On Feb. 5, the SEC’s Crypto Task Force met with Jito Labs CEO Lucas Bruder, Multicoin Capital’s Kyle Samani, and legal experts from both firms. The discussion focused on integrating staking into ETP structures while addressing regulatory concerns.

The SEC has cited multiple reasons for its hesitation, including redemption timelines that conflict with the T+1 settlement cycle, the tax implications of staking rewards, and the classification of staking-as-a-service as a securities offering. 

These factors led the SEC to require issuers to strip staking features from initial Ethereum ETP applications. 

During the meeting, industry representatives presented two models designed to mitigate the SEC’s concerns while enabling staking within ETPs. 

The first proposes that a portion of ETP-held assets be staked through third-party validators, while the second model would allow ETPs to hold liquid staking tokens representing staked assets. For example, a Solana-based ETP could include JitoSOL, a liquid staking derivative of SOL.

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