Coinbase receives plenty of complaints

LendEDU reports that Coinbase draws the most criticism this year
30 August 2017   1760

Coinbase, a digital asset exchange company headquartered in San Francisco, CA, is believed to draw plenty of criticism this year. 

Thus, an online student loan market LendEDU reports that Coinbase has received 288 complaints in 2017, a figure that represents a dramatic increase from the six complaints the startup received in 2016.

Coinbase complaints chart according to lendedu.comCoinbase complaints chart according to lendedu.com

LendEDU specialists asked Tyson Cross, an attorney with Cross Law and a specialist in Bitcoin tax law and anti-money laundering compliance, about the rise in complaints:

As a whole, the industry is growing and more consumers are creating accounts. At Coinbase, the userbase is growing very rapidly. However, as the industry has grown so to have the restrictions placed on companies like Coinbase by regulators. Regulators have forced exchanges, like Coinbase, to place tight restrictions and limits on users due to anti-money laundering concerns. Coinbase, and other exchanges, now require an in-depth verification process to withdrawal money.
 

Tyson Cross
An attorney with Cross Law and a specialist in Bitcoin tax law and anti-money laundering compliance

As reported, Cross went on to say that he believes the increase in complaints against exchanges is caused by the increasingly strict verification processes.

Concerning the complaints, Coinbase has pledged to use a new funding round to boost its struggling customer service.

Coinbase to Expand Services for Asia

Among the services available now there are Coinbase Prime, Pro and Custody
22 January 2019   119

Coinbase, the leading US cryptocurrency company reported that from now on its professional trading and custodial platforms are available to institutional clients and investors with large volumes from the Asian region.

In particular, according to the Coinbase blog, users of Asia will have access to the option of depositing accounts and withdrawing funds using SWIFT transfers through non-US bank accounts.

In the past 12 months, hundreds of crypto-first hedge funds have launched around the world, and many hundreds more traditional institutions such as proprietary trading firms, family offices and endowments have begun actively trading digital assets. Coinbase’s suite of professional products — Coinbase Prime and Pro, Coinbase Custody — serves these customers, along with other participants in the market, like asset issuers, crypto exchanges, and miners.
 

Elliott Suthers

Coinbase

Among the services available there are Coinbase Prime, Coinbase Pro and Coinbase Custody, which also supports the steamer USDC.

In December 2018, Coinbase began to provide services to residents of the islands of Guernsey and Maine, as well as Lithuania, Iceland, Andorra and Gibraltar.