Complaints Jump Against Crypto Exchanges as Crypto Interest Soars

As cryptocurrencies rise in popularity, so have the number of complaints with the largest crypto exchanges operating in the U.S.

The most popular online exchanges for trading digital currencies are causing a surge in customer complaints this year. The complaints range from the end of June last year through to this year. Further, these accusations came from the crypto market crash this year.

As per the data from Consumer Finance Protection Bureau, Coinbase received the most complaints this year. Following this, Ed Mierzwinski, senior director of the federal consumer program at U.S. Public Interest Research Group, said,

Coinbase should be investigating consumer complaints in a timely manner, [and] it should be hiring staff to answer the phone.

More so, Coinbase received over 1,060 complaints, extending from domestic and foreign money transfers, mobile wallets, and foreign currency exchange.

Let’s note that this also happened on August 31, 2017, when the U.S. regulator got hundreds of complaints about Coinbase. Many consumers said they’re not getting funds when promised. This came amid the price surge in 2017.

However, Coinbase is not alone in criticisms filed over crypto. Other crypto platforms also recorded complaints. To name a few, EToro received 31 complaints, Kraken 19, Robinhood 107. Also, Binance.us has received 69 complaints from consumers, as investors rushed into the hot crypto market.