- Crypto exchanges continue to diminish themselves.
- Reddit on fire with users raising concerns of various crypto exchanges.
- Harsh conditions from crypto exchanges to continue till the industry springs back.
The entire Reddit forum platform is quite on fire in recent times. This is mainly due to the crypto users who are raising their concerns upon various aspects all revolving around various crypto exchanges.
The truth is, here, irregardless of their volume, both small crypto exchanges as well as prominent ones such as Coinbase are being thrashed constantly. The major concerns were in regards to not being able to withdraw their funds, numerous glitches throughout the webpages, unsuccessful transactions and much more.
Furthermore, the CryptoWhale also pointed out that Coinbase was removing all the comments upon their page related to users facing hardships, either transferring or withdrawing their funds from their Coinbase wallets.
In addition to all this, even many proclaim missing funds upon their wallets, including Coinbase wallets too. Of all the Reddit tharshes, the Coinbase exchange is the worst commented continuously. Moreover, many Coinbase users fear that Coinbase may pass out and file for bankruptcy, same as Celsius, a crypto financing, and lending platform.
Coinbase CEO’s Defense
Amidst all the growing tensions, the Coinbase exchange has been into vigorous preventive actions for a long time, eversince the bear market started. Likewise, Coinbase was the first crypto exchange to announce as well as take into action major staff lay-offs.
With all this into account, the statement put forth by the CEO of Coinbase, Brian Armstrong also sprung out major contradictions. Accordingly, in May, 2022, Brian Armstrong came out with the announcement that Coinbase has come up with new additional customer disclosures.
Also, he stated that all these disclosures are in absolute compliance with the regulations of the United States Securities and Exchange Commissions (SEC). Besides, the additional disclosures state that in the event Coinbase files for bankruptcy, the digital assets upon the exchange will be held by the firm, making the users and investors as unsecured creditors.
At the same time, Brian Armstrong also assures that the users funds will be safe, secured and not at any risk.