Coinbase Has Received the Third-Most Complaints Among Digital Wallet Firms

0
84

Coinbase’s digital pockets has obtained the third-most complaints amongst firms working such wallets over the previous 4 years.

  • Coinbase obtained 755 complaints from 2017 by April 2021, in keeping with the Massachusetts Student Public Interest Research Group (MASSPIRG), the client analysis and client advocacy group that reviewed complaints filed with the Consumer Financial Protection Bureau (CFPB). The CFPB first started receiving complaints about digital wallets in 2017.
  • Complaints in opposition to Coinbase and different cryptocurrency exchanges have been rising steadily. Coinbase obtained the most complaints amongst the prime crypto exchanges in the U.S., with 1,060 general over a year-long interval beginning in May 2020, together with these about its digital pockets and home and worldwide cash transfers. The rise in complaints has dovetailed with Coinbase’s fast progress. The firm now has over 68 million verified customers.
  • Coinbase didn’t reply to a request for remark as of press time.
  • The U.S. House of Representatives Committee on Financial Services cited the MASSPIRG report in a memorandum for an Oct. 14 listening to on the affect of the cashless economic system on underserved communities.
  • The MASSPIRG report discovered that the three commonest complaints in opposition to companies with digital wallets involved opening, closing or in any other case managing accounts; frauds and scams; and executing transactions, together with unauthorized transactions.
  • Payment service suppliers PayPal and Square had the most complaints, receiving 4,431 and 1,202 complaints, respectively. PNC Bank and JPMorgan Chase got here in fourth and fifth place with 594 and 324 complaints, respectively.