A chargeback is a common method used by fraudsters to steal crypto assets.
A chargeback is when a cardholder deliberately contacts their bank to dispute a charge, saying it was not authorized by them.
CoinLion has put a number of measures in place to avoid unapproved bank activity, including 2-factor authentication on all logins and facial recognition validation on all deposits and withdrawals. In addition, funds from USD deposits will not be available to withdraw for 30 days.
For this reason, and to protect your funds, any chargeback is first assumed to be fraudulent activity and therefore we immediately suspend the CoinLion account until further investigation can be done.
Depending on the findings of the investigation, assets will need to be returned to the account or a permanent suspension will be applied.