The largest cryptocurrency exchange coming from the United States, Coinbase, is growing at a fast rate. The leading exchange, however, has been affected by a lot of critics which say that it is underprepared and overwhelmed by the pace of its growth.
The news comes from Business Insider reports published yesterday. In it, Business Insider cites documents which were obtained by Mashable through a five-month Freedom of Information Act (FOIA) process which comprises of 134 pages of complaints that were filed by Coinbase users with the US Securities and Exchange Commission (SEC) and the California Department of Business Oversight.
Among the complaints are users’ reported difficulties in accessing funds. Mashable has here provided an evidence of widespread frustrations by the users – mostly linked to them being locked out of access, not receiving due funds or facing difficulties transferring funds between their accounts.
Mashable also wrote that reviewing the customers’ filings revealed a “troubling pattern” which indicated that many users were attributing their losses to the mismanagement present in the exchange.
The documents also suggest a failure to keep up with the customer queries. This, according to Business Insider, could be attributed to the company’s skyrocketing growth. To remind you, Coinbase reported 11.7 million users in 2017, which is a 148% increase from the 4.7 million users it had in 2016.
Also, one Coinbase spokesperson told Mashable that “the consumer demand for our services increased by 40x [in 2017] and we experienced transaction volumes in November and December of that year that grew by 295 percent.”
Even though Coinbase has also told Mashable that the company increased its support team by “over 150%” in the past few months and that it is now able to “resolve issues faster, decreasing backlogs by 95%” the exchange needs to receive more positive reviews and customer satisfaction from its users.
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