Coinbase digital currency exchange

15/02/2018 - Updated: 07/12/2022

coinbase

Coinbase responds to rampant overcharges.

'We have identified a solution'

Digital currency exchange Coinbase responded this afternoon to an edge report about rampant user overcharging and unauthorized withdrawals from its accounts, saying in a statement that the company has "identified a solution" to the problem.

The issue, which began leaking on the dedicated Coinbase Reddit late last week, appears to be related to a recent change in the way credit cards classify digital currency transactions.

Users were reporting empty cryptocurrency accounts as a result, creating panic and calling for legal action among Coinbase customers.

"we are currently investigating an issue where some customers were incorrectly charged for digital currency purchases with credit and debit cards," the statement said.

"This is related to the recent MCC code change by card networks and card issuers charging additional fees.

We have identified a solution and future purchases will not be affected. We will ensure that any customer affected by this problem is fully refunded. "

COINBASE says customers will be fully reimbursed for any erroneous charges.

Coinbase says it expects refunds to happen automatically for customers through their respective banks.

He also advised affected users to contact Coinbase's support line at [email protected]. "We will review all card transactions over the past few weeks to ensure that all affected customers are notified.

We will post on Twitter and our blog with further updates, the statement concludes.

Later in the year, at the night, Coinbase published a entry from blog with details additional. "Coinbase will ensure that each affected customer will be fully refunded for any erroneous charges," the company writes. "our processor confirmed that any erroneous charges will be refunded in the coming days."

In addition, the company clarifies how the merchant category code, or MCC, problem arose, the change requested by card issuers and banks, and the timeframe in which transactions could have led to unexpected withdrawals, fees or refunds:

Card issuers and banks recently called for the MCC for digital currency purchases to be changed by a number of major credit card networks.

Consequently, purchases that occurred between January 22, 2018 and February 11, 2018 may have been refunded and reprocessed-resulting in erroneous charges.

Some customers may experience a delay between the issuance of the new charge and the clearing refund, but ultimately, customers should only have a single charge on their card statement.

We deeply apologize for any frustration this may cause. We are working actively with banks, processors y networks for improve the experience from purchase from currency digital.

This particular issue only compounds recent problems at Coinbase, a San Francisco-based company and one of the world's most popular digital currency exchanges.

As Bitcoin has suffered volatile ups and downs in the past year, companies like Coinbase have struggled to maintain a stable product and keep customers confident that they are rapidly changing cryptocurrency fortunes are at least safe and securely stored.

Bitcoin briefly surpassed $10,000 today, just as Coinbase announced this morning a new PayPal-like e-commerce product for online merchants to accept crypto payments.