World-renowned cryptocurrency exchange Coinbase, recently garnered a ton of complaints from its clients. The majority of grievances brought forward were in relation to account closure, hacking and lost funds.
Not so long ago, Kaleo, who is a crypto analyst, posted a tweet which attracted hundreds of remarks from customers who’ve had their fair share of unpleasant experiences with Coinbase.
Unfortunately, this is hardly the first time that the company is encountering such retaliation from its customer base.
Just a couple of months ago, the New York Times issued a press release regarding a client who had lost more than $100,000 through the crypto exchange. It’s not surprising that this customer brought charges against Coinbase.
Data collected between 2016 and the present time reveals that at least 11,000 complaints have been issued against the exchange. Most of these cases relate to the treatment that Coinbase accords its customers.
The US CEO at Bitstamps, Bobby Zagotta, explains that one of the reasons why so many cryptocurrency companies are facing charges is because they’re neglecting the importance of having human customer representatives.
According to Zagotta, customer service is one sector that should not be automated.
About four months ago, Coinbase rose ranks to become the crypto industry leader after its debut on the Nasdaq stock exchange.
This action prompted vast enthusiasm across the market, vowing to be an incentive for increased awareness and encourage a shift from the traditional markets.
At press writing, Coinbase shares, which are trading under the ticker symbol “COIN”, are valued at $259.12. The exchange’s market capitalization is close to reaching the $68 billion mark.
Although there hasn’t been any massive influence on its share price, this scandal has definitely harmed the company’s reputation.