Complaints Against Crypto Exchanges Rise in US, and Coinbase Tops the List

As cryptocurrencies have grow to be extra widespread, complaints towards main U.S. crypto exchanges have elevated.

Some 1,060 complaints have been registered towards Coinbase, with gripes about home and worldwide cash transfers, digital wallets and overseas foreign money alternate, in accordance with the CFPB’s Consumer Complaint Database.

California residents had the most gripes, with 131 towards the U.S.’ most distinguished alternate, whereas New York adopted carefully behind.

Washington, Virginia, Pennsylvania, Georgia, Texas and Florida additionally registered bigger shares of the complete complaints about Coinbase.

Binance.US, which is operated by BAM Trading and is a separate entity from Changpeng Zhao’s Binance, acquired 184 complaints, and Kraken, one other main alternate, acquired 34.

The complaints stretch from the finish of final June by means of the current time and seize a time when the market was starting to shake off prior bearish sentiment as costs recovered from a sell-off in May 2020.

By comparability, the identical interval of the earlier yr noticed far fewer complaints, with Coinbase receiving 241, Binance 17 and Kraken none, the CFPB’s information reveals.

Coinbase, Kraken and Binance.US didn’t reply instantly to requests for remark.

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