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Coinbase is under fire

Photo of: Joseph Stone
by Joseph Stone

Coinbase is under fire for its poor customer support, as hackers managed to steal several users’ crypto-currencies.

According to an investigation conducted by CNBC, the aggrieved customers have filed a complaint against the US-based exchange platform. Coinbase, the largest US cryptocurrency exchange platform, came into conflict with its opponents who had published a report with customer complaints in the media. Most of the complaints were about fraudulent seizure of accounts due to very slow responses to customer complaints. All this was stated by users of the exchange platform in their interviews with the American news channel.

A survey, again conducted by CNBC, has also revealed that for users, Coinbase had poor customer support. The customer service is mainly done by e-mail, and according to the feedback, it would be very difficult to reach a person quickly.

One Coinbase customer, Tanja Vidovic, confirmed that she lost almost all of her €142,000 in crypto-currency holdings after receiving a number of alerts in April; another user saw the equivalent of $35,000 disappear from her crypto wallet… Yet their attempts to contact Coinbase by phone or email went nowhere.

As a result, 11,000 complaints have been filed against the exchange with the U.S. Consumer Financial Protection Bureau since 2016, and the majority of them are related to customer support. In response, a spokesperson for the exchange platform said that the company is working to improve this customer service and that more support channels will be created.

Already at the beginning of the year, Coinbase noticed that the number of complaints about technical support delays is increasing every day. “We understand that this situation is frustrating. This is not something we would like to offer our customers”, – said Casper Sorensen, vice – president of customer service at Coinbase, in a blog post.

So far, the cryptocurrency exchange platform has refused to give an interview to the media, commenting on the situation via email: “Over the years, we have constantly updated our customer support offerings to help the business evolve. In early 2020, we switched to email as our primary support channel. Many customer requests require additional investigation to resolve the issue. And to avoid a long wait, we preferred to switch to email communication. However, we understand that customers want to talk to our assistants in real-time, so this month – we are introducing phone support for some customers and later this year, a real-time conversation for everyone.” Will complaints be avoided?

According to media reports, since 2016, users have sent more than 11,000 complaints against Coinbase to the Federal Trade Commission and the Consumer Financial Protection Bureau, and most of them concern customer service.