Business

Erik Gibbs

Coinbase withdrawals delayed by as much as 1 week

It would appear that Coinbase, the San Francisco-based cryptocurrency exchange and wallet provider, is slow to respond to customer requests. Specifically, requests to withdrawal funds. According to a report in CryptoGlobe, sources have told the media outlet that U.S.-based customers are having a difficult time making withdrawals, with some reporting delays of up to a month.

According to the article, only the U.S. customers are affected. The issues apparently impact all of the platform’s assets and have been reported for as long as two weeks. The delays are reportedly not seen on Coinbase’s institutional platform, Coinbase Pro.

The topic has found its way to social media. One user, Ricard Antonio Ramos, stated on Facebook, “6 day hold now last I checked [at least] for me.” He was responding to a post by Chris Enlow, who had said “…It takes a few days for your deposit to clear but then you can buy and sell instantly at least. I think the last time I bought crypto from [Coinbase] they held the damn coins for 7 days…”

Coinbase is no stranger to complaints. Since last year, there have been reports that the platform holds funds before pushing them out to depositors’ accounts. This past summer, a number of media outlets reported on the issues, uncovering 200 pages of complaints that had been filed with the US Securities and Exchange Commission (SEC).

The platform said at the time that it was working to facilitate customer issues and would be hiring more staff to help manage a surge in activity on the exchange. However, the latest complaints follow a decrease of 83% in the trading volume seen on the exchange this past August. This will make it difficult for Coinbase to explain the delays as being a result of too much activity.

Coinbase has also had to deal with lawsuits of insider trading and accusations of making repeated illegal charges against the bank accounts of its users. The insider trading issues have been found to be unsubstantiated and the unauthorized charges were, according to Coinbase, a result of problems at Visa, not at Coinbase.

The company is reportedly now worth $8 billion after being backed by hedge fund Tiger Global in September. Tiger Global reportedly invested $500 million, half of which will go toward investments with the other half used to buy out investors.

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