Coinbase Changes Its Existing Terms And Conditions In A Highly Questionable Manner
Coinbase Implements Changes To Its Existing T&Cs In A Highly Questionable Manner
- While the changes themselves are not being questioned by the global crypto community, it is the way in which they were implemented that is rubbing people the wrong way.
- As part of the new guidelines, in order for users to facilitate any payments on Coinbase they will now have to pay a processing charge of around 4% of each transaction.
Over the course of the past day or so, Coinbase — one of the world’s largest crypto trading platforms — has covertly introduced a number of changes to its existing user agreement.
To elaborate on these changes, we can see that previously when users were required to send money over Coinbase, their transaction took around an hour or so to be completed. Following this, users could then stake these funds and send them over to any other platform of their choice — albeit after incurring a small processing fee.
In this regard, with the implementation of these new changes, Coinbase will charge its users around 4% of every transaction from here on out. However, the most striking thing about these new rules is that they were implemented “without any prior notification being shared with the company’s core client base”.
Other Changes Worth Highlighting
- Older versions of Coinbase’s user agreement allowed customers to facilitate hassle free, streamlined transactions in a near instant manner. However, the new guidelines give the crypto exchange the power to freeze tx’s for over five days without any reason whatsoever.
- The new rules make it impossible for people to move their funds from the firm’s traditional exchange platform to Coinbase Pro.
- In order for users to convert their capital funds into Bitcoin, they now have to pay a heavy fee of 4% on each individual transaction.
The above mentioned changes have been criticized by the global crypto-community at large — since they were brought into action in such a covert manner. With that being said, let’s see if this latest episode has any major financial implications on Coinbase’s future.