Coinbase’s digital pockets has acquired the third-most complaints amongst firms working such wallets over the previous 4 years.
- Coinbase acquired 755 complaints from 2017 by way of April 2021, in response to the Massachusetts Pupil Public Curiosity Analysis Group (MASSPIRG), the buyer analysis and shopper advocacy group that reviewed complaints filed with the Shopper Monetary Safety 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 received probably the most complaints among the many high crypto exchanges within the U.S., with 1,060 total over a year-long interval beginning in Might 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 corporate now has over 68 million verified customers.
- Coinbase didn’t reply to a request for remark as of press time.
- The U.S. Home of Representatives Committee on Monetary Providers cited the MASSPIRG report in a memorandum for an Oct. 14 listening to on the impression of the cashless economic system on underserved communities.
- The MASSPIRG report discovered that the three most typical complaints in opposition to corporations with digital wallets involved opening, closing or in any other case managing accounts; frauds and scams; and executing transactions, together with unauthorized transactions.
- Cost service suppliers PayPal and Sq. had probably the most complaints, receiving 4,431 and 1,202 complaints, respectively. PNC Financial institution and JPMorgan Chase got here in fourth and fifth place with 594 and 324 complaints, respectively.