Investors Irate as Coinbase Continues to Freeze Bitcoin Cash Holdings
Last week, before the Bitcoin Cash (BCH) hard fork, San Francisco-based Coinbase announced it would likely support both of the emerging chains after November 15. However, while many other major crypto exchanges, including Binance and Kraken, have pushed forward with the new chains, Coinbase has investor funds still locked as it awaits “stability” in the network.
While this decision was made in an effort to protect investors from volatile price swings and network uncertainty, the overall situation has left users confused and angry as Bitcoin Cash (now the BCHABC chain on most major exchanges), has fallen nearly 40% since the fork.
A quick scan through the Coinbase Reddit reveals multiple threads of users complaining about the lack of communication from the Coinbase team, which, thus far, consists of one tweet saying they have no control over the situation.
As a reminder to our customers, Coinbase has no control over the timing of the Bitcoin Cash (BCH) fork, and cannot provide specific guidance as to when the network will be safe and stable enough to re-enable access. More details can be found in our blog: https://t.co/2PLKq2sIkF
— Coinbase Support (@CoinbaseSupport) November 17, 2018
One Reddit user expressed his discontent, stating, “I also now regret leaving my BCH on Coinbase. I won’t be leaving any crypto on Coinbase in the future. If I absolutely have to have it on an exchange Ill keep it on Binance from now on.”
Despite being a leader in the digital currency space, the exchange has left investors in the lurch for days as their portfolios bleed. While listing the second chain is undoubtedly risky, failing to reactivate trading entirely has cost investors far more than BSV going to zero.
We reached out to Coinbase for information on the Bitcoin Cash timeline but did not immediately receive a reply.
More: Reddit Thread
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.