Coinbase’s Changed In User Agreement Dissatisfies Users

By Rishma Banerjee

Any one, who is interested in cryptocurrencies will be familiar with the name of Coinbase, the Francisco based cryptocurrency exchange.

However, in a of being a favourite, the exchange is in the news for some untoward reasons following changes it made to its User Agreement.

As per the modified guideline, Coinbase from now in will be chargeing nearly 4% of every transaction carried out by users in all the Commonwealth countries, including the United States of America.

Now, even though modified agreement is not the bone of contention, users who very recently were extremely appreciative of Coinbase’s addition of EOS expressed dissatisfaction about the fact that the latest move came without any prior  notification to users.

Although Coinbase had mentioned in its guideline that it held the right to modify the rules, that no information was conveyed is what is not sitting well with its users. The older version of the terms of user agreement was simpler and allowed for faster services to the users.

However, the modified guideline result in transactions being charged much more heavily, restrict bitcoin transactions on the exchange, and freeze transaction amounts for more than five days.

These newly modified conditions have made the transfer of funds to Coinbase Pro quite the hassle. That is because the new guideline notes that funds transferred over the exchange platform will be sealed for five calendar days in the USA and the European Union.

So senders can only consider converting capital funds directly into Bitcoin, which comes with a with 4% fee on the total transaction.

The move was noticed by a Reddit user, @u/JibberJabberJiblet, who asked,

“Did Coinbase change the faster payments option for UK customers? When I click on the deposit on CB Pro, I don’t get a sort code and account number anymore. I get a swift number, and it says it will take 1-3 business days with min. deposit of £1000. Did I miss that they withdrew the faster payments option?”

Other users criticized the action where one user stated,

“I don’t understand why they’ve removed the faster payment option from Pro at all.”