Why Is My CoinJar Account Restricted or Locked?

When accessing your CoinJar account, discovering that it has been restricted or locked can be concerning. This article explains the common reasons for account restrictions, what they mean, and how you can address them.

Understanding Account Restrictions at CoinJar

Security is paramount at CoinJar. Your crypto account may be restricted for the following security reasons.

Suspicious Activity Detection

CoinJar security systems are always monitoring behind the scenes to reduce the risk of fraud and unauthorized access to CoinJar members’ accounts. If our security systems detect any unusual activity, automatic restrictions may be applied.

You can also lock your account yourself if you are worried that there is suspicious activity.

Multiple Failed Login Attempts

Repeated unsuccessful login attempts can trigger temporary account restrictions to prevent unauthorized access.

Unverified Devices

Logging in from a new device or unusual location might result in temporary restrictions until the new access point is verified.

Two-Factor Authentication Issues

Problems with 2FA verification or disabled 2FA on a previously secured account may result in temporary restrictions.

Regulatory Compliance Restrictions

CoinJar must adhere to regulatory requirements in the region in which it operates. These can differ quite a lot depending on the region. Some of these compliance issues are below.

Incomplete Verification

Accounts require completed identity verification before certain functions can be accessed, particularly withdrawals.

Name Matching Requirements

CoinJar enforces strict name matching between bank accounts and verified CoinJar accounts. If deposits come from bank accounts with different names, restrictions will be applied, and deposits will be returned.

Joint Account Issues

CoinJar does not support deposits or withdrawals from joint bank accounts, which can lead to account restrictions. If a customer’s only available bank account is a joint account, CoinJar may be able to manually review and process transactions on a case-by-case basis.

However, it is strongly recommended that customers use a bank account held in a single individual’s name whenever possible.

Business Entity Account Restrictions

Business accounts operate under different requirements than personal accounts.

Additional Verification Needs

Business entities require additional documentation and verification steps.

Business Account-Specific Deposit Methods

Business accounts have specific requirements for verification.

VPN Usage

Please be advised that VPN use can affect CoinJar account functionality, as systems may automatically apply restrictions as a precaution.

Use of VPNs are sometimes employed by individuals with malicious intent. We recognize that there are many legitimate, non-criminal reasons for using a VPN, such as protecting privacy or accessing restricted content.

However, the security of our customers and the integrity of our platform must take precedence.

Regional Restrictions on Crypto Exchanges

In some countries, such as Indonesia, access to cryptocurrency exchange websites may be restricted or blocked by local authorities. If you are located in a region where CoinJar’s services are inaccessible, this could also result in your account appearing unavailable.

Resolving Account Restrictions

If your CoinJar account has been restricted, consider these steps:

Check Email Notifications

CoinJar typically sends emails explaining any restrictions applied to your account. Remember to check junk email and spam folders too. Ensure any communication you receive regarding account restrictions is genuinely from CoinJar.

Complete Verification

Ensure all identity verification steps are completed according to instructions.

Review Banking Information

Confirm that your linked bank accounts match your verified identity exactly and are not joint accounts.

Contact Customer Support

If restrictions persist without clear reason, contact CoinJar's customer support for assistance.

Provide Requested Information

Respond to any requests for additional information or documentation.

Prevention of Future Restrictions

Here are some ways to maintain unrestricted access to your CoinJar account.

Keep Security Settings Updated

Regularly update your password. Use 2-Factor Authentication or 2FA.

Use Verified Bank Accounts

Only use bank accounts registered in your exact legal name for deposits and withdrawals.

Maintain Complete Documentation

Keep your verification documents current.

Conclusion: Troubleshooting Account Restrictions

While account restrictions are potentially inconvenient, these measures are all about security in the cryptocurrency space.

By understanding the common causes of account restrictions and following the platform's guidelines, users can minimize disruptions to their cryptocurrency activities.