Coinbase, the leading US exchange credibility was called into question after it once again disappointed its customers when they needed it the most. The exchange went down for 26 minutes during the recent bitcoin dump and this was a Dejavu for many. It has been down previously too when bitcoin volatility seems to be off the rails. Those are the times when its users want a smooth experience so that they can use it to their advantage and stay updated with how the market is behaving during those topsy-turvy times. Unfortunately, Coinbase has got a knack of providing anything but that which has led to people closing their accounts on the exchange.
A short story. pic.twitter.com/hQj87Ag6kn
In another blow, a report from the block suggests that it is looking to sell its analytical services to the Internal Revenue System and Drug Enforcement Agency. A Coinbase spokesperson tried to clear the air and stated that its analytical is just like what's available on any other On-chain public data and the interest of the users is safeguarded and they have nothing to worry about. However, the faith in the exchange seems to be fading further after the news broke out who believe they're selling it out to the government. He also added that this is being done for further compliance and help with the investigation cases, and any personal information of an individual who uses Coinbase or not, remains safe and secure.
Coinbase has disappointed people time and time again and now people have an ocean of options to choose from such as Kraken and Gemini, there might be more accounts closing soon. On June 1, when it went down again a lot of memes were shared amongst the Crypto community regarding its failure once again Coinbase needs to make sure that incidents like these are minimised as it could lead to further loss.
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