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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.
By Danny Nelson
Updated Sep 14, 2021, 10:55 a.m. Published Jan 13, 2021, 2:51 a.m.
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.
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- 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.
Read more: Coinbase, Kraken Back Up Again After Outages as Bitcoin Hits Another Record
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