From June 2020 to June 2021, the number of complaints by US residents about the operation of cryptocurrency exchanges rose markedly from a year earlier. The data come from the Consumer Financial Protection Bureau‘s database.
Coinbase led the pack, with complaints rising from 241 to 1,060.
Customers’ complaints spanned domestic and international transfers, wallet operations, and foreign currency exchanges. California and New York residents accounted for the largest share.
For Binance US, Gemini and Kraken, the agency received 184, 80 and 34 complaints respectively in the last year, versus 17, 4 and 0 a year earlier.
Earlier in May, the head of the SEC Gary Gensler urged Congress to clarify the regulation of bitcoin exchanges.
Chainalysis estimated at $4 billion the earnings of US residents from cryptocurrency trading in 2020.
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