Coinbase Continues to See Increasing Complaints From Bitcoin Users
Coinbase, leading US-based bitcoin exchange and the world’s largest bitcoin wallet platform operator, is still experiencing growing complaints from its users in regard to its poor customer support.
According to Bloomberg, the US Consumer Financial Protection Bureau have already received 293 complaints about Coinbase in 2017 alone, a substantially larger number of complaints in comparison to six other major US-based exchanges.
As a result, the company allegedly failed to comply with the demand and struggled to fund user accounts by established deadlines and agreed timeframes. A complaint to the CFPB by a Coinbase customer revealed that funds were not credited to his bank account within three-to-five business days, during a period in which he urgently needed the funds.
"The funds were supposed to be transferred to my checking account within three-to-five business days,. I need the money,” read the complaint obtained by Bloomberg. More to that, it further revealed that 15 percent of the complaints to Coinbase were categorized under fraud.
On June 6, Armstrong promised its users and consumers to improve the company’s customer support. He stated that the company will focus on scaling its customer support and is restructuring its customer support team.
“We are doubling overall support capacity by spinning up an outsourced support facility by the end of June. This will allow us to rapidly add level 1 support agents during future surges. We’re hiring 10 new contractors for our in house team over the next 3 months. We’re adding new hires on the Trust team (part of the engineering org that helps deal with security questions),” said Armstrong.
Earlier this year, Coinbase raised $100 million in its Series D funding around at a $1.6 billion valuation. At the time, Armstrong explained that the expansion of its customer service department will be one of the major areas the company will focus on improving with its newly obtained resources and capital.
Other leading exchanges including Bithumb, the world’s largest cryptocurrency exchange based in South Korea, have received praises from the community for operating a large-scale customer service department with live phone lines and 24/7 support. Recently, the Bithumb team went as far to add in-house support. Hence, Coinbase and GDAX, its flagship trading platform, need to urgently address its issues with consumers in order to compete with overseas exchanges and companies.
“Coinbase experienced unprecedented growth over the last year, and we have now exchanged over $25 billion USD of digital currency for our customers. We’ll be using this new funding to continue scaling even further. Specifically, we will Increase the size of our engineering and customer support teams to improve the customer experience,” noted Armstrong.