Personal Information is Scarce, But Does Coinbase Value it?

Coinbase’s users are not happy with its recent activity. The online crypto exchange platform, Coinbase has recently sent an email to its users asking to update more personal information. Few users were enraged after receiving this email and found the questions asked by the cryptocurrency company as “privacy-violating.”

There are always two sides to a coin. The fury of the users is understandable. However, the company has also mentioned that they have adopted this policy to ensure their consumers’ safety and security. Crypto scams and frauds are a common sight now. Therefore, it is probably a precautionary measure against such incidents. 

Coinbase has requested the consumers to share their personal banking details for the last 3 months, the source of their deposited funds and overall wealth, and also proof of their current employment. Users find these demands invalid. 

Brian Armstrong, the CEO of Coinbase, has replied to one of these tweets. But unfortunately, he has only expressed his regret on the matter without making any further comment. 

No matter the cause, this activity has caused an uprising among users. Comments like “No more giving them (Coinbase) business” and “Took my business elsewhere” could be seen on Twitter. Many users have mocked Coinbase for this step, and some has even said that ‘Binance’, another cryptocurrency trading platform is a better option for the people in the United States. 

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Shreya Bhattacharya

A journalist & writer exploring new topics every day!