Coinbase Apologizes to UK and EU Customers Hit by Regulatory Lockouts
The mea culpa was mum on Coinbase's broader troubles in keeping global trading running smoothly.
Jan 13, 2021 at 2:51 a.m. UTCUpdated Aug 19, 2021 at 6:36 a.m. UTC
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Coinbase issued a rare apology Tuesday to U.K. and European Union customers who, the major cryptocurrency exchange said in a blog post, have been affected by weeks of systems outages and trading restrictions.
- Coinbase blamed the problems on months of heavy customer trading activity from platform newcomers and returning accounts.
- "Evolving regulatory requirements" also led to Coinbase placing temporary restrictions on accounts for which it needed to collect more information.
- In the post Coinbase refused to give ground on its regulatory obligations but said it "can do a better job in communicating" those burdens to customers.
- The company said it is streamlining its information collection procedures to help salve regulatory lockouts.
- Coinbase did not address, nor apologize for, its global troubles in keeping all operations running smoothly through heavy trading days.
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