Is Coinbase Really About to Shut Down?

As of today, Coinbase has no plans to close, at least according to what we know. Does it scam anyone? Well, no but Coinbase has many issues.

One of the most recent problems, which happened from January to February 2018, was a glitch in the exchange’s system which charged clients multiple times for a single purchase. Some clients saw their balances vanish.

Coinbase apologized for the situation and said that it would refund all users who suffered from this error. The crypto exchange explained that it was actually VISA which is to blame for the situation. However, the card provider doesn’t want to accept these claims.

Some Coinbase users got incredibly upset that the system charged them several times for a single order. The noise was especially loud on Reddit.

One user reportedly said:

“Already contacted my lawyer, closed my bank account, removed CB [Coinbase] from everything etc. They will give me my f**king money back! I made ALL of that money in crypto over the past 8 months. This is not good and I feel sick. I knew there is risk to lose money in this space, but not like this! I may as well have burned it all.”

Coinbase Pledges Refunds amid Apologies for Erroneous Charges – Cryptovest

However, it seems that the post was deleted.

The exchange explained everyone that there was a problem with the card providers:

Card issuers and banks recently requested that the MCC for digital currency purchases be changed by a number of the major credit card networks. As a result, purchases that occurred between January 22nd, 2018 and February 11th, 2018 may have been refunded and reprocessed—resulting in erroneous charges. Some customers might experience a delay between the issuance of the new charge and the offsetting refund, but ultimately customers should only have a single charge on their card statement.

Update on credit and debit cards – The Coinbase Blog

However, many users don’t like Coinbase’s approach and don’t even believe that the problem will be solved. They feel betrayed and it seems as though they won’t deal with this exchange ever.

A Reddit user, who saw his order being charged by 17 times, shared an update:

“I am still feeling dispair. Calling Coinbase no one picked up the phone and my ticket has not been responded too…
My bank said these transactions were forced and they have not seen something like this before(I read some other thread that their bank said this too.)
Now I dont know what to believe. First they say they figure out, then they say VISA problem, but this is not VISA(according to visa)
I am done with Coinbase after this 100%.
Everyone should file complaint to banks and government.

Welp officially broke, charged 17×1000$ on my account • r/CoinBase

Some of the users claim that bank representatives openly tell their clients that the exchange is a scam but banks do have reasons to not like crypto exchanges. Coinbase is a legal service, as it has an official license from many US states, and from the New York State Department of Financial Services (DFS).

This system glitch hit Coinbase’s reputation, and it’s not the only problem that users encounter.



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