American cryptocurrency exchange Coinbase has become the object of criticism — according to users, the company can not cope with the increase in activities. According to Business Insider and Mashable, the proceedings in respect of numerous complaints from dissatisfied customers received by the Commission on securities and exchange Commission (SEC) and the California Department of supervision over the business, continuing for five months.
Reportedly, the customers of Coinbase, a statement which is at 134 pages, pointed to the difficulties in obtaining their own resources: users were either cut off from access, not having received the money owed to them, or have faced problems in trying to transfer funds between accounts.
One client even accused the company of “criminal activities”, while others stated that their funds are “held by the exchange” to thus “earn”.
According to Mashable, users ‘ complaints that have been available for the publication, allow to reveal “a disturbing pattern”: many attribute their losses to poor governance Coinbase.
User requests at least suggests the inability of the exchange staff to cope with the needs of its customers. As noted by Business Insider, this may be due to the rapid growth of the company in October 2017 Coinbase reported about 11.7 million users — an increase compared to last year, when customers were 4.7 million, amounted to 148%. It turns out that the exchange was not ready to scale their own development, confirms this explanation of the representative of Coinbase, which failed to journalists Mashable:
“User demand for our services increased 40-fold the scale in 2017, and in November and December of that year we have seen an increase in transaction volume at 259 percent.”
The Mashable survey also shows significant delays in interaction with the users in cases of system error, which did not allow them to carry out operations on transfer of assets, to access your transaction history or trade on the platform.
So, one disgruntled user has expressed confidence that Coinbase priority is growth, and not clients, because exchange “knowingly sells a service, knowing that actually could provide it”.
However, according to representatives of Coinbase, this issue is studied: the company increased its customer support team “more than 150 per cent” in recent months and is now “capable of solving problems faster, reducing delays by 95%”.
Well, until the address of the company is sound criticism, Coinbase — ready or not — continues to diversify its services, covering a wider range of users. Recently, the exchange announced plans to enter the Japanese market and the production of a new set of products to large institutional investors.
In addition, the exchange has made progress in the intention to obtain a license for broker-dealers governed by the laws of the United States that will allow it to enter the securities market, and also in parallel working on obtaining a banking license.
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