Original Title: "What Does Coinbase Have Left Without Compliance Dividends?"
Original Author: Fairy, ChainCatcher
Within the moat built by regulatory advantages, Coinbase is the "golden signboard" in the compliance field. However, as the halo of compliance fades, its "noble indifference" is becoming increasingly dangerous.
Community feedback is ignored, customer service response is slow, transaction fees are high… These issues are causing more and more users to feel disappointed and dissatisfied. A question is becoming increasingly sharp: What does Coinbase have left without compliance dividends?
Where Have Individual Users Gone?
According to CryptoQuant data, the individual investor dominance index for Coinbase is only 18.3%, far below Binance's 89.6% and Bitget's 50.1%. This index reflects the activity level and influence of individual investors relative to institutional investors on the trading platform; the higher the value, the larger the proportion of individual investors in the user base.
This data reveals Coinbase's long-term focus on compliance and institutionalization, indicating that it is gradually distancing itself from ordinary users, and the platform's appeal and stickiness to the mass market are declining. This point is also widely reflected in the community, with increasing negative evaluations of Coinbase in both Chinese and English communities, and users' voices are becoming louder.
Image Source: CryptoQuant
Coinbase's "Accounting Mystique"
Some users have reported that when two transactions are processed in the same block, the Coinbase system may only credit one transaction, while the other may take days of back-and-forth with customer service to resolve. User @0x 4848 stated, "I said it was a bug, they said it was a feature, to protect fund security."
Such issues "under the guise of security," if not handled with an efficient and transparent mechanism, will become a drain on users' patience and trust.
Customer Service: Slow is the Norm
Coinbase's customer service system has long become a "concentration camp for complaints." Many users report that Coinbase's smart assistant is virtually useless and cannot truly resolve issues.
Once a user opts for human customer service, the nightmare of waiting truly begins. Human customer service has very limited authority and often can only "record the issue and escalate it." According to user feedback, the initial response can take at least 48 hours, and fully resolving an issue may take a week or even longer.
Additionally, some users claim that the customer service communication mechanism is chaotic and inefficient. "They keep asking me for the same information back and forth via email; I provide it, and they say it's not enough," user @MattLGov stated, "Dealing with Coinbase customer service is definitely a terrifying experience."
Image Source: @0x Ponga, @MattLGov
External Scams and Internal Breaches
Coinbase users frequently become targets of scams. On-chain detective ZachXBT revealed that related cases last month caused losses of up to $46 million.
At the same time, internal data security issues have also emerged at Coinbase. Mike Dudas, co-founder of The Block, stated on platform X that he received an official email indicating that an employee may have improperly accessed some user account data, including his own. The email stated, "We detected signs that an employee may have viewed a small number of customer account records in a manner inconsistent with internal policies." (Related reading: Losing $300 million in a year, Coinbase users frequently targeted by precise scams, is there an "insider" leaking information?)
The Indifference of "Read but Not Respond"
In terms of user communication, Coinbase's presence is almost nonexistent. It does not cater to retail investors and has not established effective user communication channels. Whether it's the CEO or the executive team, they rarely publicly respond to user issues on social media, even in the face of numerous complaints and doubts, it is rare to see them come forward to clarify or explain.
This "silence" may have its cultural background and regulatory considerations, but the result is that users' voices are hard to hear.
Image Source: @WutalkWu
"Noble" Transaction Fees
User @hyperunit compiled the costs of purchasing 1 spot Bitcoin at the initial fee level across mainstream trading platforms, revealing that Coinbase's fees amount to $329.68, which is relatively high. Additionally, community user @Tmzhao 1 pointed out that to achieve the same fee level as regular users on Binance, a user on Coinbase needs to start from VIP 0 and complete approximately $250 million in trading volume, paying over $300,000 in cumulative fees.
Although Coinbase Pro (now Advanced Trade) offers lower fee options, its interface is relatively complex, and many ordinary users are not familiar with or find it easy to use.
Image Source: @hyperunit
Coinbase's compliance halo is undoubtedly the cornerstone of its stable position in the U.S. market. However, as it increasingly relies on institutions, it seems to be gradually diminishing its connection with ordinary users. On this path of pursuing compliance and security, Coinbase is quietly sacrificing user experience, abandoning the fine-tuning of platform operations and services.
Behind the progress of this giant ship, countless users' whispers and expectations are scattered, their voices gradually swallowed by cumbersome processes and indifferent mechanisms.
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