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Coinbase – Strong increase in customer complaints at Bitcoin stock exchange News

Sunday, September 3rd, 2017 | Economy

The US Consumer Financial Protection Bureau (CFPB) has received at least 293 complaints about Coinbase Inc.. Compared to about six complaints for the full year 2016, Coinbase is the number one CFPB complaint in the current year with regard to virtual currencies.
The website had recently faced an increase in volume and longer transaction processing times, while the value of bitcoins and other crypto currencies jumped to new record highs.
More than a third of the complaints came from individuals who said they were unable to access their money as promised. Many people also complained about other transaction or service issues. Fraud was behind less than 15 percent of complaints. "The funds should be transferred to my current account within three to five working days," a customer complained to the CFPB in May. "I need the money."
Since the beginning of 2017, the CFPB has received more than 250 complaints in the "virtual currency" category. About 60 per cent of these were related to Coinbase, while many others went through PayPal and big banks. Coinbase, established in 2012, had declared in June that it was working to improve customer care.
"In recent months, we have seen an unprecedented increase in the number of customers who signed up for the use of Coinbase," Brian Armstrong, co-founder and CEO, wrote in a 6 June blog entry. "As a result, our systems have reached their limits, which has had a negative impact on many customers."
In the service area, Coinbase writes that the transaction times can vary depending on the location and payment method of a customer. US bank transfers could take up to five business days. LendEDU, a market place for student loans from New Jersey, had pointed out in a report earlier this week on the increase in complaints.
Crypto-currency startups were overwhelmed by unusually high volumes when the price of Bitcoins nearly quadrupled this year. This month, the debate about speeding up the transactions became so intense that Bitcoin split into two.


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