Cryptocurrencies have taken the world by storm, and there are new companies emerging every single day that deal in crypto and blockchain technology. In the midst of all of this, three crypto exchanges have managed to emerge at the top.
These three companies have become household names and investors are flocking to them more than ever.
But, are all of these people aware of the numerous scandals and reports of misconduct that these companies have had to face in the past couple of years? Probably not.
Robinhood has been through its fair share of scandals. These involve being fined by the Financial Industry Regulatory Authority for not giving users the best deals, class-action lawsuits from displeased customers, and more. In 2019, the company was accused of maintaining users’ passwords in clear, readable text, and had no explanation for the complete lack of privacy. Many customers have also reported finding erroneous account balances.
Coinbase has also had several incidents where they have compromised users’ personal information to hackers. There have also been complaints of poor customer service ever since the company started gaining momentum.
Binance, along with having regulatory issues in China and Japan, have also faced instances of large-scale hacking attacks. The worst of all would probably be allegations of tax evasion and money laundering.
Despite these alarming issues, these three companies continue to rule the roost in the crypto world. One of the main reasons for the same is the ease of use these platforms provide.
Many people find themselves to be at a clueless starting point when it comes to the finance world. But, their desire to make sound investments and get a foot in within the industry still exists. These platforms make trading in crypto comparatively much easier, which helps people navigate their initial investments with ease. Even teenagers are able to make great profits on these platforms. Many people even come out in support of these exchanges, claiming that they’ve never had a negative experience.
Regardless, the minorities are trying to make waves in this rigid ecosystem, and perhaps, more advancements in the space will bring about a change in the future