When you are dealing with platforms that are supposed to be the on-ramps to the money of the future it’s hard to accept worse performance than the systems of the past. Unfortunately, this an issue plaguing all major cryptocurrency exchanges at the moment with Coinbase being one of the leading examples right now.
San Francisco-based cryptocurrency exchange Coinbase is experiencing several disruptions to its normal business operations. According to the company’s status page, it is now facing transactions delays, wire processing delays and ID verification delays. Coinbase also reports users are getting degraded performance for both bitcoin (BTC) and ethereum (ETH).
The Coinbase team blames all these problems on high traffic, high volumes and a need to cope with a backlog of transactions. This is in common with other exchanges all around the world who say they can’t handle the massive influx of new traders without causing operational problems. Also similar to the other trading venues, the Coinbase team promises they are working on adding additional resources to optimize their systems to scale.
While the Coinbase team is working on fixing the current issues and upgrading the exchange’s ability to handle more traffic in the future, users are going public with their suffering. The Coinbase Reddit forum is dominated by complaints regarding very long delays and a lack of proper answers for support. A few posters updated that the company processed their transactions only after they got a considerable amount of attention, suggesting it was done as a PR move.
In general, users are calling on the company to take stronger actions to resolve the situation, and chief among those to halt new client registrations were recently done by Binance, CEX.IO, Bitfinex, and Bittrex. Some higher profile members of the bitcoin community have even taken to social media to threaten Coinbase with legal actions if their concerns are not met.
Have any recent exchange issues affected your trading? Let us know in the comments section below.
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Author: Avi Mizrahi