“Coinbase, being publicly and subject to greater regulatory oversight, is growing more in the light where it is, or will have greater visibility and comfort,” she said.
One of the most frustrating aspects of Coinbase, some users said, is that a real person does not appear to have read their complaints.
“There’s no one on the other side,” said Cheryl Hung, a marketing consultant in Los Angeles.
Ms Hung said that she and her fiance, Paul Hwang, began investing in cryptocurrency in 2019 and chose Coinbase because it was a “large, reputable company” with security. But in January, someone stole $ 26,000 worth of cryptocurrency from their account. He said that he had no idea how it happened.
“We just lost all the money we could use to work at home or to pursue our lives,” Mr. Hwang said.
The couple sought help from Coinbase, but they said they had received responses from Perfect Email. Trying Coinbase’s phone line got an automatic response. After The Times inquired about her case, Ms. Hung said, she received another email from the company with more information about her account.
Coinbase said real customer support agents responded to inquiries.
For most coinbase users, legal recourse is also limited. Under company terms of Service, Users agree to settle disputes through private arbitration or small claims court, rather than pursuing a class-action lawsuit.
Mr. Pierre was not prevented from suing. Mr. Pierre, who worked for Coinbase in 2017 and 2018, said he initially found the decentralized format of digital currencies exciting. But when he lost his coinbase savings, he said, he sees value in traditional, regulated institutions like banks withdrawing “many times that way”.
“I’m less excited now,” he said.