Customer complaints about Coinbase detailed ter SEC filings – Business Insider
Coinbase CEO Brian Armstrong Anthony Harvey / Stringer
- Coinbase users allege that the company has stolen funds and not responded to their complaints, according to complaints filed with the SEC.
- Coinbase says that it’s addressing the complaints, and that it has hired more support staff to react to user inquiries.
Coinbase has long placed itself spil a trusted trading podium among cryptocurrency enthusiasts, but a series of complaints filed with the SEC exposes that the cryptocurrency exchange is not without its troubles.
According to 164 pages of complaints obtained by Mashable, numerous Coinbase users say that they’ve had issues with the toneel. Among the most egregious allegations are the claims that Coinbase “stole” cryptocurrency holdings from its users, repeatedly disregarded customer complaints regarding missing funds, and systematically defrauded its customers.
Here’s are a few of the complaints filed with the SEC against the company:
- “I have lost. 5000$ [sic] of my investment because they never attempted to solve my punt.”
- “Coinbase has not credited [$21,000 wired to my account], and has not responded to my numerous attempts to voeling them to get this kwestie resolved. I now believe that they are acting criminally.”
- “Coinbase abruptly and erroneously froze. my account [containing more than $100,000 of bitcoin] without explanation more than one month ago. Coinbase does not get back to you. Coinbase effectively cuts off consumers from their rightful property and coerces risk of loss and lost profits.”
- “Coinbase accepts money from users under the pretense of being able to comeback gains, but systematically disallows that capability merienda tested. and then cuts [off] all voeling with its customers.”
That Coinbase is experiencing issues treating its users’ funds isn’t all that surprising: Cryptocurrency trading platforms are notoriously difficult to scale, and Coinbase has acknowledged that it’s bot slow to react to customer inquiries ter the past.
Te an email, a representative for Coinbase told Business Insider that the company wasgoed proactively tackling any issues with customer complaints. Te the past few months, Coinbase has hired more people for its support team, decreased its promedio time to react to inquiries, and addressed a backlog of complaints, the representative said. Now, the company estimates that it responds to users ter less than ten hours.