The Coinbase digital wallet has received the third highest number of complaints among companies operating such wallets in the last four years.
- Coinbase received 755 complaints from 2017 to April 2021, according to the Massachusetts Student Public Interest Research Group (MASSPIRG), the consumer advocacy and research group that revised complaints filed with the Consumer Financial Protection Bureau (CFPB). The CFPB began receiving complaints about digital wallets in 2017.
- Complaints against Coinbase and other cryptocurrency exchanges have steadily increased. Coinbase He received Most of the complaints among the top crypto exchanges in the US, with 1,060 overall over a one-year period starting in May 2020, including those related to your digital wallet and domestic and international money transfers. The rise in complaints has coincided with the rapid growth of Coinbase. The company has now ended 68 million verified users.
- Coinbase did not respond to a request for comment at press time.
- The U.S. House of Representatives Committee on Financial Services cited the MASSPIRG report in a memorandum for an Oct. 14 hearing on the impact of the cashless economy on underserved communities.
- The MASSPIRG report found that the three most common complaints against companies with digital wallets concerned opening, closing or managing accounts; fraud and scams; and the execution of transactions, including unauthorized transactions.
- Payment service providers PayPal and Square had the most complaints, receiving 4,431 and 1,202 complaints, respectively. PNC Bank and JPMorgan Chase ranked fourth and fifth with 594 and 324 complaints, respectively.