Following its recent connection issues which deprived many users of access to their cryptoassets amid soaring prices, Coinbase, the leading crypto exchange, has apologized to its customers based in Europe. While rejecting responsibility for the difficulties encountered during the recent market rally and regulatory obligations, the exchange also pledged to implement changes to improve the experience for its users.
On January 6, Coinbase revealed that it was aware of the connection issues, freezing the crypto assets of an undisclosed number of users in the UK and EU as the price of Bitcoin (BTC) approached 40. 000 dollars. The issue was reportedly identified at 8:28 a.m. PST (4:28 p.m. UTC), when BTC was trading close to $ 35,000, and was resolved at 1:41 p.m. PST (9:41 UTC), when BTC was already above 36,000. USD.
Bitcoin price, January 6-7:
“Some of our clients in the UK and EU have recently experienced difficulties accessing their accounts, or have faced restrictions on certain transactions. In some cases our clients have not been able to resolve these issues fairly quickly, “Coinbase admitted, adding that this situation was triggered by two factors.
“First, over the past two months we have witnessed a sustained market recovery that has brought a significant number of new customers to our platform and re-engaged many existing customers. Second, changing regulatory requirements mean that we need to collect additional information from some of our clients, which has resulted in temporary restrictions on their accounts when we ask them for that information, ”according to the exchange.
To prevent similar issues from recurring in the future, Coinbase says it was implementing a number of solutions. Among others:
- The exchange prioritized customer inquiries pending resolution;
- Coinbase has improved its flow of customers on mobile devices, including advising customers over time who will be able to view and provide their missing personal data through the app;
- The exchange re-enabled a feature allowing UK customers to directly convert their crypto-assets into GBP and EUR and then transfer them to their PayPal account.
“We will soon be deploying new solutions to reduce the time it takes for customers to recover their accounts in the event of a blockage,” according to the company.
Coinbase claims to have over 35 million users in over 100 countries, for a total volume of over $ 320 billion.
As noted, the company is preparing for its IPO.
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