Suspended account holders file a class-action lawsuit against the Coinbase crypto platform
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Answer Suspended account holders file a class-action lawsuit against the Coinbase crypto platform
Coinbase, the recently launched cryptocurrency exchange, is facing a class-action lawsuit in the United States brought by users whose accounts have been suspended by the platform.
The lawsuit was filed by six plaintiffs in California District Court, and according to them, San Francisco-based Coinbase has wrongly suspended their accounts for several months.
The lawsuit stated that plaintiffs whose accounts were closed by defendants or denied access to their funds frequently were unable to access their accounts for extended periods of time, including but not limited to a period of a month or more.
They further claimed that their accounts were suspended after they made deposits to the platform and were not even able to access their funds.
Read:Cryptocurrency Market Loses $80 Billion as Bitcoin Falls to 40-Day Low
One of the plaintiffs specified that he deposited $30,000 to buy some cryptocurrency, but later was unable to access his account because it was showing an error with login details and that his account was invalid.
According to the complaint, also:
Plaintiffs who were denied their accounts and/or denied access to their funds, suffered a drop in the value of their cryptocurrency when they were eventually granted access to these accounts.
The defendants also pointed to the inefficiency of Coinbase’s customer support services and are seeking damages of $5 million.
“Coin Piece” and Judicial Problems:
Coinbase is already the largest cryptocurrency exchange in the USA.
Despite her strong reputation, she is no stranger to lawsuits.
Last year, the company settled a legal complaint lodged by the platform’s victims, which ended up with about $1 million in damages.
Although a Coinbase spokesperson said Coinbase is looking into the new allegations.
Read:Interrogation of the head of the SEC on the requirements and conditions imposed on crypto companies
If the class action is accepted by the court, it is expected to see Coinbase stand in court again.
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Report: China’s Xinjiang suspends bitcoin mining operations
El Salvador legislature approves legalization of Bitcoin as legal tender
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