The SEC filed over a hundred complaints on Coinbase

Cryptocurrency

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According to a recent report, users of the largest US crypto-exchange Coinbase have filed 115 complaints about the theft of their funds with the SEC and the California Department of Business Supervision.

The Mashable newsletter received a document from one of its sources.The report notes that the cases of “theft” are systematic.It is worth noting that the clients of the exchange are 20 million users, which is two more than the largest American broker Charles Schwab.

Large numbers Users, as well as unrelated business processes, create difficulties in the work and the system periodically fails, many investors who work with different sites have had problems with making deposits or withdrawing their funds .There are probably no traders who have not experienced such problems.  So one of the clients of Coinbase complained that on December 21, 2017, during the peak load on the exchange, sent its funds from one account to another, but they never reached. The user applied to the Support Service seven times, but the problem was not solved.

Another user sent $ 21,000 to his account on August 30 – funds did not reach. The company did not answer calls, multiple letters were ignored.

A third user after receiving a dozen complaints about their work received an account blocking. However, all e-mails were not answered by the Support Service.

A representative of Coinbase responded to the publication of Mashable that due to the growing popularity of crypto-currency, the company is forced to rebuild its internal verification and verification processes. For the year of 2017, the demand for the services of the exchange grew 40 times – the company simply did not keep up with this growth. In November and December, the volume of trades grew by 295%.

The community expects that in the future, crypto-exchanges will debug their internal processes, and large exchanges such as Nasdaq will enter the market, which will reduce investors’ losses to a minimum. But the major Wall Street sites can not enter the market so far due to the lack of clear rules. Decentralized exchanges, where there is no third party involvement, can solve the problem, and all processes occur automatically.

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