Things are not looking great for Coinbase, one of the most popular Fiat to crypto exchanges. A class action lawsuit has been filled alleging that Coinbase has violated California unclaimed property laws.
The lawsuit claims that when transactions are sent to email addresses rather than wallets, there is a possibility that the funds will not be claimed and Coinbase is not actively notifying customers when this happens. Thus the funds remain in Coinbase's own wallets.
This is the second lawsuit to be filed against Coinbase in the recent weeks, following the class action lawsuit claiming BCH insider trading.
As the Crypto trading platform grows more and more popular, it also has to face a growing number of reputational and operational threats.
I'm curious to see if the continued bad press coupled with the relatively high fees of Coinbase will make users seek trading relationships elsewhere, such as the upcoming Robinhood crypto exchange which offers fee free crypto trading. For now Coinbase still offers a fairly easy method to buy and sell popular cryptocurrencies.
Read More Here:
Coinbase Hit With Second Class Action Lawsuit for Violation 'Unclaimed Propert’ Laws
Coinbase User Files Class Action Against Company, Claims Insider BCH Trading
Robinhood Crypto Trading is Here
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