Previously, users were required to send money over Coinbase exchange. Usually, the capital transferred through the banks took nearly 1 hour for completion, before showing up on the lists. Users then had to stake it into exchange to finally send it over to Binance or any other platform, with the entire process being charged a small amount of money.
In the guidelines, it was also mentioned that Coinbase held the right to modify the rules, but failed in sharing the detail with its users. For all the commonwealth countries, along with USA, Coinbase now charges nearly 4% of every transaction being carried out. This new add-on came without any notification being shared with users.
An older version of the agreement allowed a hassle-free and less time-consuming service to its users. The newly introduced guideline has charged transactions heavily, along with freezing many transaction amounts for over five days, hampering Bitcoin transactions on the exchange.
According to the new guidelines issued by Coinbase, the funds transferred over the exchange platform were sealed for a duration of five calendar days in the USA and the European Union. These newly introduced conditions have made it impossible to move funds to Coinbase Pro.
Senders were left only with the option of converting capital funds straight into Bitcoin, with a heavy fee of 4% on the overall transaction. This move was criticized by the crypto-community, as it allowed users to access any other personal account and interchange the capital with Bitcoin and finally share it with any account across the globe.
In response to the uproar on Reddit, another redditor, Asdafari, commented,“I dis this 2 weeks ago no problem. The issue seems to affect certain countries or users (lvl of verification etc.)”
GamergrillzzzxXxX shared,“I’ve been waiting for like 10 days now for my deposit.”