The U.S. Securities and Exchange Commission (SEC) has released a 164 page document filled with complaints received from the customer of Coinbase, one of the largest cryptocurrency exchanges.
Coinbase has been operating for six years and during this time has proved to be one of the safest and most popular platforms for trading cryptocurrencies. However, as the client base grew larger apparently so did the number of critics. Most often users refer to the disappearance of money and that in their opinion, Coinbase did not react adequately to the loss. Here’s an example of a typical complaint:
"I have sent 17,023.00 from my Coinbase account to another Coinbase account on 12.21.2017," it reads. "The other Coinbase account never received the funds as of 1/16/2018. 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."
But some users are openly accusing Coinbase of fraud. They believe that the exchange offered to provide services while knowing it would be unable to meet the growing demand. The user base of the platform has increased 40 times over during 2017. Some users point out that Coinbase ignores calls to the support service and fails to respond to official requests. Representatives of the exchange have declined to comment on the publication as according to them, it would contradict the company's privacy policy.
Another user has had 10 bitcoin frozen on his account without a proper explanation, only a note form Coinbase that it was a system error.
Coinbase however describes itself as a stable and prestigious platform that fights money laundering and pays attention to regulation. According to Forbes, last year the company received an income of $1 billion and the Coinbase app appeared on Apple App Store in December last year.
By Ekaterina Ulyanova