When contacted to address the serious issues, a Coinbase representative said that due to a dramatic rise in the popularity of cryptocurrencies, the exchange has been working really hard to accommodate and better serve their growing number of customers. In addition, most of the complaints filed to the SEC allege that the exchange has grossly mismanaged their funds, which have reportedly resulted in a loss of thousands of dollars. One of the most serious allegations against Coinbase is that the company has been “acting criminally” while another customer claims that the exchange has “stolen” most of their “life savings.” Many users also say that they have contacted Coinbase numerous times in order to talk to a company representative, however, they have only gotten back generic form emails. The user even alleged that, “I believe the company is holding my funds to make money on top of my investment.” Moreover, many other Coinbase users claim that their funds are purposely being held by the exchange for unknown reasons. One customer has said that they have lost $5,000 due to some system error. However, after going through many of the complaints, it is evident that there have been some very strong allegations made against the San Francisco based exchange. So, it appears that they cannot be contacted in order to follow up on the issues. The names of the customers who filed the complaints and their other personal details have reportedly been removed by the SEC from the complaint documents provided to Mashable. They have no way to reach them by phone, and they are ignoring my repeated attempts to resolve this matter.” Coinbase customerĪfter reviewing most of the complaints, Mashable reports that Coinbase appears to be struggling to keep up with the increasing demands of its existing and new users. They have effectively stolen my money at this point. “Coinbase has been in possession of my funds ($21,000) since August 30th, 2017. Meanwhile, another unhappy customer notes: I have contacted Coinbase over 7 times and all they say is that they have so many issues, they will get back to me and it is been a month.” Coinbase customer The other Coinbase account never received the funds as of.
“I have sent 17,023.00 from my Coinbase account to another Coinbase account on.
Information obtained from a Freedom of Information Act (FOIA) process has revealed a number of disconcerting complaints. Notably, 134 pages filled with customer complaints have been sent to the US Securities and Exchange Commission (SEC) and the California Department of Business Oversight. Recently though, Coinbase has been heavily criticized by its customers. Currently, it only supports Bitcoin, Ether, Litecoin, and Bitcoin Cash and is quite selective when it comes to supporting additional cryptocurrencies on its exchange. Cryptocurrency exchange Coinbase is considered by many to be one of the most trusted and widely used trading platforms.
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