Crypto Exchange Platform Coinbase Recently Fined
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This morning when I was looking for recent crypto news, this news grabbed my attention. Coinbase is a very well know cryptocurrency exchange platform and once I was a regular user of this virtual crypto wallet. Coinbase is a US crypto exchange platform that fined by Russian court because coinbase refuse to localize database of russian customers or users when it was their right.
The fine amount is $11,000 according to the information I get from the news. You'll find more information about the news by following the source link at the bottom of this blog. Here I'm going to share my personal opinion on this news instead repeating all about the news that already available in the source of this news. Russian customers has right of having their database localization but coinbase had no valid reason behind the refusal and the fine by Russian court can be considered as fair enough.
Coinbase is doing business on crypto exchanging since June 2012 and its more than 11 years now. With the time and demand if it update It's policies and services to customers then some other wallet can't take over this company. Maybe still there are many users using coinbase but still crypto traders prefer some other exchange, you know those name already so I'm not mentioning those name that already take over this company. Really such discrimination surprise me when they refused localize database for Russian users, I consider this discrimination and it is not a professional attitude of a company.
When coinbase aim to do business almost internationally then such discrimination can affect their reputation and day by day this company may lost their customers. I wonder if they still have billion or trillion users because there are many crypto exchange platform that offer better opportunities to trade crypto, invest crypto and earn profit. Coinbase company should have professional attitude and should bring new offers to attract crypto traders and investors.
As I said, once I was a regular customer of coinbase but as a crypto trader its my need to use the best crypto exchange platform so I switched and made my mind to move on with something better. Coinbase is a good crypto exchange but its not updating It's services for users and after this news there will be many users of coinbase may change their decision to have a new crypto exchange platform. This is definitely not good news for a company that doing business for such long time. Hope this fine will be a good lesson for coinbase to improve their quality of service and equal treatment to all users including Russians.
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