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Coinbase Exchange Overcharges Customers – Refunds Prom...
Altcoin News, Featured

Coinbase Exchange Overcharges Customers – Refunds Promised

Update – Since this article was written Visa has admitted responsibility for the overcharging. You can read more about this latest development in our article here.

Crypto exchange and wallet Coinbase has admitted that some customers were erroneously overcharged for credit and debit purchases of crypto, and promises to reimburse all affected customers in full, the Coinbase blog reports Thursday, Feb. 15.

Coinbase said it has fixed the problem which saw customers charged multiple times for transactions, while it has promised refunds to those affected.

Multiple customers complained on user forums that the app, which allows people to buy and sell cryptocurrencies like Bitcoin and Ethereum, had been charging them multiple times for transactions.

Coinbase put the error down to changes in MMC code, the code used by Visa to identify credit and debit card transactions. The Visa changes came as multiple banks said they would no longer allow users to buy cryptocurrencies using credit cards.

The company said:

“Coinbase will ensure that each affected customer will be refunded in full for any erroneous charge. We deeply apologize for any frustration this may cause. We are actively working with banks, processors and networks to improve the digital currency purchasing experience.”

On Coinbase’s Reddit forum, one user complained of a $67,000 charge, another of a $17,000 hit. A Coinbase spokesperson responded to both comments offering a refund and advising users to contact its support line.

Coinbase is one of the most popular online cryptocurrency exchanges, with around 10m users. It was the top app in Apple’s App Store over the Christmas period as interest in cryptocurrency surged.

Update – Since this article was written Visa has admitted responsibility for the overcharging. You can read more about this latest development in our article here.

  1. Delete this article, Visa has already admitted responsibility, you have litteraly written and article stating this.

    • Kal Saber

      February 18, 2018

      Thank you for your comment.

      The article was written with the information that was available at the time.
      In the light of the new information we have added an update and link to the article detailing how Visa has admitted responsibility.

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