Crypto Leaders Applaud as New Leadership Shuts Down Operations

Brian Armstrong and Tyler Winkelvos celebrated the CEPB protection office (CFPB) after the recent measures taken by the agency’s new leadership.

According to Coinbase, CFPB complaints are more than any other exchange.

CFPB head orders closure

The newly appointed head of the agency, Russell Fion, chosen by President Donald Trump, ordered the closure of its headquarters and the employees ordered to stop all supervisory efforts.

Winklevoss, CEO of Gemini, Respond To develop on X by mentioning, “CFPB Unplugged”, and sharing a picture of a 404 error page from the Foundation’s website.

Coinbase CEO Armstrong Referred To this step as “100 % correct call”. He criticized CFPB, saying that he was unconstitutional, and he argued that even if not, this must be canceled because the fraud trial falls under the Ministry of Justice and other financial organizers. He also accused the control authority of being an active organization that caused great harm to the country.

Fior assumed the role of the Agency’s Agency’s director on Friday. Reports indicate that on Saturday, he issued a notification to the employees who teach them to “stop all supervision and exam activity.”

In separate mail In X, he confirmed that he had informed the Federal Reserve, which finances CFPB, that the office would not draw its next tour of funding, saying it was not “reasonable” for its operations.

Coinbase faces more complaints than other exchanges

CFPB is responsible for overseeing the financial institutions facing the consumer to prevent unfair, misleading and abusive practices.

Agency I mentioned In July 2023, its enforcement efforts returned to $ 17.5 billion to Americans since its foundation in response to the 2008 financial crisis. The document also revealed that more than four million complaints have been sent to companies on behalf of consumers.

Coinbase has been the subject of more of these complaints when weighing against other major stock exchanges that serve American customers. The search for the CFPB complaints database shows that more than 7600 mention Coinbase, compared to 487 related to the Jaraini and 297 associated with Kraken.

The stock exchange customer service was a long source of criticism. Consumers have reported difficulties in reaching support, facing account restrictions, and facing unnamed complaints about lost money.

Blockchain Zachxbt investigator recently open Coinbase users have lost more than $ 65 million due to social engineering fraud since last year.

However, the platform has already to treat These concerns, explaining that the increase in restricted accounts resulted from an increase in new users and those who cross after the recent elections in the United States. The statute of customers also confirmed that their fraud prevention systems continue to work as intended.