134 pages of complaints filed to the SEC against Coinbase

Ilegendph

full member

Activity: 434

Merit: 103

Thinking on the higher plane of existence.

Quote from: jseverson on June 21, 2018, 08:11:01 AM

Allegations are just allegations until they're proven, but these complaints are actually very believable and not at all far from what usually happens with embattled exchanges. I never thought of Coinbase as being particularly safe, but I only usually hear about them being a shitty exchange, not a scammy one. Turns out everyone has plenty of scam allegations. I hope these are resolved as soon as possible.

This is just another reminder to not trust exchanges with your money and to not use them any more than necessary.

I believe that coinbase would be acquitted immediately because the evidence is poor and the law pertaining to cryptocurrency is still poor. Its not just with shouldn't trust the exchanges but rather keep safe of those coins you have and don't stock it in a exchange. They are always saying that to their customers specially centralized exchange.

First77

member

Activity: 266

Merit: 32

Owner of bitconnect.com arrested in India for $13 billion ponzi scam with bitcoins

krixi

newbie

Activity: 86

Merit: 0

These types of actions are the reason why we see many cryptographic exchanges and businesses move to countries with more relaxed rules.
Coinbase is the most popular exchange and I really do not believe this could be true.

zinson01

newbie

Activity: 266

Merit: 0

All investors need to know this information. Because you can’t anything without exchange. Every transaction you need to help from this.

Md.salauddin

newbie

Activity: 210

Merit: 0

The users should always be cautious when comes to exchanges. They should withdraw their funds immediately and should not hold them for longer. The allegations are not proven yet, but this does not justify that the allegations are wrong. We know the fraudulent users have faced from exchanges and the complaints are all somewhat true.

cryptofeel

newbie

Activity: 154

Merit: 0

If coinbase is under fire for fraud or sharp practices, then let an investigation be carried out to find out where they stand guilty and by how much. Until otherwise proven, nothing stands.However, its also good that these submissions are put in so that these service providers don't take their clients for granted

barsametu01

newbie

Activity: 238

Merit: 0

Many investors believe that the news is a FUD. We should not believe in everything that we see in internet. But then again, we need to be very careful before putting our coin on exchange.

croptodic

newbie

Activity: 350

Merit: 0

In crypto world there re lots of terms you need to achieve also learn based on this if you don’t know the terms then you might be fall in trouble so before doing anything learn the subject also I agree with you should be careful also before doing this also its really disappointing for us it should be fare for all.

franky1

legendary

Activity: 4410

Merit: 4766

Quote from: rommelzkie on June 22, 2018, 06:08:12 PM

These complainants are very noob on financial market. Why do they file complaints against coinbase? did coinbase promise them big returns?. Did they know that in Forex and CFD trading, a lot of people losing money too?

This is another FUD. geez, the people nowadays cant even make their own research. Angry

the complaints were not about the risie/drops of prices causing losses.
the complaints were about not receiving funds/balance when withdrawing/depositing

First77

member

Activity: 266

Merit: 32

Quote from: mary_55 on June 22, 2018, 04:49:26 PM

I think these are all baseless and they are harassing coinbase unnecessarily. Coinbase is the most popular exchange and I really don't believe that this can be true.

what do you expect when Bitcoin concept is anonymity, decentralization and anti-government ??

rommelzkie

full member

Activity: 294

Merit: 125

These complainants are very noob on financial market. Why do they file complaints against coinbase? did coinbase promise them big returns?. Did they know that in Forex and CFD trading, a lot of people losing money too?

This is another FUD. geez, the people nowadays cant even make their own research. Angry

Intensity

full member

Activity: 178

Merit: 100

I never had a problem with Coinbase/GDAX, but I use them like how a person should... Transfer money, buy crypto, transfer out. Three simple steps to follow.

franky1

legendary

Activity: 4410

Merit: 4766

Quote from: BigWinner87 on June 21, 2018, 08:16:08 AM

yeah, fair point mate, always be careful when it comes to exchanges...
they must be fairly regulated!!!

regulations do not mean that a business is better policed.
regulations mean that the business is following its own policy to police its customers.

consumer protections. which is a completely different category is where policiing the business comes into play.

i truly hate it when people scream businesses need to be regulated, without those screamers actually understanding what rgulations do.
taking the banking crises of 2007-2008. banks have multiple regulations. but ask yourself who got hurt most.. it certainly wasnt the banks

pitiflin

hero member

Activity: 980

Merit: 507

Its coinbase, one of the richest exchanges in crypto. They can easily settle for these lawsuits and they will be gone before you know it. It is centralized after all. Wink

SEC would rather go after ponzi schemes and ICOs. Unless they think that they could take coinbase down, once and for all,they would go for the bigger fish. But coinbase should get out of this easily. Because they haven't scammed anyone.

rollingstorm45

member

Activity: 448

Merit: 17

Quote from: BigWinner87 on June 21, 2018, 08:16:08 AM

yeah, fair point mate, always be careful when it comes to exchanges...
they must be fairly regulated!!!

what if we have no choice other than coinbase?
for example, in Bittrex now the data verification process is very complicated, even waiting for a few days to be rejected
and Coinbase I think is good, but when I hear this news, I have to rack my brain again to get BTC using fiat

Phlaser

newbie

Activity: 257

Merit: 0

An allegation will always remain so until it's proven to be true and fact. No doubt it would be sorted out by SEC and Coinbase. At the end of it all, coinbase will gain more.

Quote from: First77 on June 21, 2018, 07:30:00 AM

Life savings lost. Desperate cries for help. Allegations of fraud. In the six years since its founding, the San Francisco-based exchange Coinbase has established itself as one of the most trusted places to trade ether, bitcoin, litecoin, and bitcoin cash. It's also run up its share of critics: namely, its customers.

In 134 pages of complaints filed to the SEC and the California Department of Business Oversight obtained by Mashable following a five-month FOIA process, a picture emerges not of a responsible actor in the cryptocurrency space opening the market to new investors, but rather a company overwhelmed by and underprepared for its own success.And the consequences — as expressed by Coinbase's own customers — are enough to give even the most diehard crypto-enthusiast pause.

Money gone and no one homeA recurring theme in the SEC complaint files Mashable obtained is the seeming disappearance of a would-be trader's money, and what is portrayed as an aggressive nonchalance on the part of Coinbase in response to the loss.Notably, the SEC redacted the complaints to remove personally identifiable information. This, while an understandable privacy measure, makes it practically impossible to reach out to the complainants for follow up. As such, we'll mostly let their words speak for themselves.And there are a lot of words.

https://mashable.com/2018/06/20/sec-coinbase-complaints-fraud/

mary_55

newbie

Activity: 238

Merit: 0

I think these are all baseless and they are harassing coinbase unnecessarily. Coinbase is the most popular exchange and I really don't believe that this can be true.

bdbabiak77

jr. member

Activity: 42

Merit: 1

They know if they kick coinbase, this crypto is dead. Prices will drop so low, only those old cyberhackers among us who were there in the beginning will still be there. It will be re-marginalized to its cyber-ghetto.

Bitcoin was not designed for anything else. If it's to get 'big', it relies on hosted business, which are easily attacked. If it gets to big it'll be attacked. Therefore, bitcoin must remain small and marginalized, any apparent 'bigness' is temporary.

Bitcoin was begun due to the political idea of anarcho-communism. It cannot interface with a hostile economic system. Why should they tolerate a dissenter in their house?

Indamuck

hero member

Activity: 1120

Merit: 554

These regulations are really starting to hurt America. These kind of actions is why we are seeing many crypto exchanges and businesses move to countries with more relaxed laws. I feel at this point the continued success of coinbase will be very important for crypto to gain complete mainstream adoption.

Maveth13

full member

Activity: 336

Merit: 112

I've always known coinbase is a shit exchange with extremely poor customer service and support, but I didn't know such allegations exist. Of all the news out there this one is particularly worrying.

Topic: 134 pages of complaints filed to the SEC against Coinbase (Read 251 times)