Coinbase Apologizes to UK and EU Customers Hit by Regulatory Lockouts

The mea culpa was mum on Coinbase's broader troubles in keeping global trading running smoothly.

Jan 13, 2021 at 2:51 a.m. UTC
Updated Sep 14, 2021 at 10:55 a.m. UTC

Coinbase issued a rare apology Tuesday to U.K. and European Union customers who, the major cryptocurrency exchange said in a blog post, have been affected by weeks of systems outages and trading restrictions.

  • Coinbase blamed the problems on months of heavy customer trading activity from platform newcomers and returning accounts.
  • "Evolving regulatory requirements" also led to Coinbase placing temporary restrictions on accounts for which it needed to collect more information.
  • In the post Coinbase refused to give ground on its regulatory obligations but said it "can do a better job in communicating" those burdens to customers.
  • The company said it is streamlining its information collection procedures to help salve regulatory lockouts.
  • Coinbase did not address, nor apologize for, its global troubles in keeping all operations running smoothly through heavy trading days.
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