Complaints against cryptocurrency exchange Coinbase Soar. As cryptocurrency exchanges like Coinbase encourage users to comply with the tax regulations, more and more investors are actually receiving fearful tax demands. Recently, a user who just identified by the name of K. Received a note is that he owed money to the tune of $ 2.4 million. According to him, he just invested $ 8000 with the cryptocurrency exchange Coinbase.
The problem is that the response of the cryptocurrency exchange is not that encouraging. The customer support is on the slower side and when he emailed them, he received a standard response stating that it is according to the IRS guidelines.
Ever since then, he has not received any further communication from the cryptocurrency exchange regarding $ 2.4 million. According to him, it may not be a real demand as he has invested just $8000 with Coinbase.
Increasing user base for cryptocurrency exchanges:
One more problem which most of the cryptocurrency exchanges are facing these days is the increasing user base. The companies are often not able to increase their support executives in the same league. This is the reason why they are not able to answer the support queries as well. When you look at the support forums of these cryptocurrency exchanges, you will realize that there are tons of different complaints which have gone unanswered for many months. This is the reason why users are getting even more worried as well.
Even though the automated systems on the exchanges are working fine but in case, anything goes wrong most of the users do not know where they should contact.
Similar problems with Kraken:
Also, coin base is not the only exchange which is facing such problems. Kraken recently as well went down for a period of 2 hours which turned out to be 2 days. During this time frame, it is very difficult for the users to gain any kind of communication from the exchange.
Thus, as the load on the exchanges increase, the exchanges are not able to keep up with the increasing business. This is one of the main problems with the increasing user base. Also, traders from all over the world are using these exchanges on a consistent basis. This is the reason why the load on these exchanges is increasing. With real-time trading becoming the norm, the stress on these exchanges is increasing significantly. This is degrading the user experience.
Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.