Big bull runs get people talking. And some of that has been immortalized in the public record as complaints filed with the Consumer Financial Protection Bureau, according to Crypto Investor's exclusive analysis.
The CFPB warned consumers to be vigilant when investing in cryptocurrencies in 2014, saying it would begin accepting complaints about “virtual currency or a virtual currency company.”
More than 1,300 complaints have been filed since.
It’s not a staggering number by any means. But a few interesting things became clear when Crypto Investor dug into the data. The complaints surge during bull markets when participation is at its highest.
Something else apparent: Coinbase is, far and away, the most often cited company. It appears in 834 of the consumer complaints that CI analyzed.
That’s not an indictment on Coinbase. Plenty of its competitors show up in the data, like Binance, Winklevoss Exchange, Circle, eToro, Robinhood and Ripple Labs.
It's important to remember that the CFPB does not verify each of the complaints it receives. If the complaint identifies a company, the agency will reach out to them directly and play the role of mediator. But that's not always the case.
Regardless, each complaint gets scrubbed of identifying information and the, erm, more colorful language before it's added to the public-facing database.
Below are the top five reasons people complained to the CFPB about Coinbase.
Big bull runs get people talking. And some of that has been immortalized in the public record as complaints filed with the Consumer Financial Protection Bureau, according to Crypto Investor's exclusive analysis. Subscribe for full article
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