Coinbase Customers Complain to SEC

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Desperate Coinbase customers turn to SEC with allegations of fraud

What's the Story?

  • Coinbase customers are submitting complaints to the SEC
  • Customers allege Coinbase is stealing money from customers
  • Coinbase is attempting to resolve the allegations and is hiring more customer support in response

Why Does This Matter?

Coinbase grew much faster than it anticipated. On the surface, it's a good problem for any company to have, but if not managed properly, can lead to many problems. Coinbase responded to the problem by hiring more customer support. I believe Coinbase hasn't done enough to combat the problem. Reddit and Twitter are filled with people always complaining about support messages. I would be more sympathetic to Coinbase if they weren't continually releasing new products without solving their support issues. In the worst case scenario, Coinbase will be fined for their actions, but most likely nothing will happen. Coinbase, compared to most exchanges, has been upstanding. There are many bad actors the SEC needs to worry about, but Coinbase isn't one of them.