Cryptocurrency exchange Coinbase has released a statement apologizing to their customers in the UK and the EU for system outages and account restrictions. The company also acknowledged that their customer support was “not at the expected level”.
Huge flow of inbound customers
According to the public apologythe US-based crypto firm said that customers from both regions are facing transaction restrictions. However, Coinbase made no direct measure for its global troubles, which occurred precisely when volatility and speed in the crypto markets increased.
Coinbase blamed the recent “ongoing market rally that has brought a significant number of new customers” to the platform.
In addition, Coinbase claims that the regulations are not helping in this situation:
Changing regulatory requirements mean that we need to collect additional information from some of our customers, which has meant temporary restrictions on their accounts when we request that information.
But the company admitted that they could “do a better job of communicating” legal obligations and requirements to their customers. However, they did not provide full details on the matter in the statement.
As additional measures to address the issues, the crypto exchange indicated that they will prioritize pending customer information requests. Coinbase will also send push notifications and emails requesting additional information to help remove restrictions more quickly.
Another of the changes made by the company is re-enabling a feature exclusive to their UK clients:
We have re-enabled a feature that allows UK customers to convert cryptocurrency directly into fiat currency (GBP / EUR) and transfer it to their Paypal accounts.
Coinbase’s background on system glitches
Coinbase’s system reliability is often on the radar when bitcoin (BTC) its volatility gets warmer, especially when it hits new record highs.
Last weekend, the San Francisco trading platform had a matter with ‘delayed transfers’. The day before, it suffered from ‘delayed transfers and an increased error rate’.
In another case on Monday, the analyst Willy Woo tweeted on the Coinbase exchange in San Francisco and stated that “purchases on Coinbase are not finalizing”. The problem arose this time during a larger bitcoin price drop.
While the platform is working properly, some customers have experienced delays in ID verification, Coinbase’s said status page.
What do you think of the Coinbase mea culpa? Let us know in the comments below.
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