Why does Coinbase impose such a long cooldown period?

3 answers

• Dec 28, 2021 · 3 years ago
  Coinbase imposes a long cooldown period as a security measure to protect users' funds. By implementing this waiting period, Coinbase can verify the legitimacy of the withdrawal request and ensure that it is not a fraudulent activity. This cooldown period allows Coinbase to conduct necessary security checks and prevent unauthorized access to users' accounts. Although it may seem inconvenient, it is a necessary step to ensure the safety of users' funds.
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• Dec 28, 2021 · 3 years ago
  The long cooldown period imposed by Coinbase is part of their risk management strategy. Cryptocurrency exchanges are often targeted by hackers, and by implementing a cooldown period, Coinbase can mitigate the risk of unauthorized withdrawals. This cooldown period allows Coinbase to detect any suspicious activity and take appropriate measures to protect users' funds. While it may be frustrating for users, it is a necessary precaution to safeguard their assets.
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• Dec 28, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I can say that Coinbase's decision to impose a long cooldown period is a common practice among reputable exchanges. It is not specific to Coinbase alone. This cooldown period is in place to ensure the security of users' funds and prevent any potential fraudulent activities. Other exchanges, such as BYDFi, also have similar cooldown periods to protect their users' assets. It may be an inconvenience, but it is a necessary step to maintain the integrity of the exchange and protect users' funds.
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