Crypto Exchanges Complaints Rise In US As Coinbase Takes Top Most Received
As the popularity of cryptocurrencies has grown, so have complaints against the major US exchanges that host them.
According to Consumer Financial Protection Bureau, of the three major crypto exchanges operating in the United States, Coinbase has received the most complaints since the start of the year.
About 1,060 complaints have been registered against Coinbase, ranging from domestic and international money transfers, digital wallets and currency exchange, according to the office’s consumer complaints database.
California residents had the biggest gripe on the largest exchange in the United States with 131 complaints, while New York residents followed closely behind.
Washington, Virginia, Pennsylvania, Georgia, Texas and Florida also recorded a larger share of the total complaints received against Coinbase.
Binance.US, operated by BAM Trading and a separate entity from Changpeng Zhao’s Binance, received around 184 complaints in the same categories while Kraken, another major exchange, received 34.
The complaints run from late June of last year through this year and capture a moment when the market was starting to shake off earlier bearish sentiment as prices began to recover from a particularly nasty sell-off in May 2020.
In comparison, the same period of the previous year saw far fewer complaints, with Coinbase clocking around 241, Binance with 17, and Kraken receiving none, according to Bureau data.
Coinbase, Kraken, and Binance.US have yet to respond to a request for comment from CoinDesk.