In the past few days, there have been numerous complaints about missing deposits on Bitstamp. The customers have been creating support tickets with delayed response times and have taken to social media to register their frustration.
The SubReddit for the exchange is rife with complaints of missing deposits along with a slew of other issues, and there have been so many complaints that a Reddit thread is now dedicated only to register them within the community.
The Bitstamp team has reportedly been responding to these complaints and resolving them, but the main concern for these issues’ existence remains as it is.
While any reported transactions that have been in limbo see their execution against a customer’s complaint, most of the missing transactions that have gone unreported remain uncompleted as a result.
The past few days have been difficult for Bitstamp’s customers, and the exchange acknowledges that fact in the form of a lengthy message by its CEO.
The message discusses the causes behind reported issues
Nejc Kodric, co-founder and CEO of the Slovenian exchange, published a detailed statement on their website that addressed the issues and the reasons that led to them.
According to the statement, Bitstamp saw an overwhelming amount of customer registrations in the past year, and while Kodric states that the exchange had implemented timely solutions for any further scaling issues last year, nothing could have prepared it for the number of customers that now use it for everyday cryptocurrency trading.
To put matters in perspective, Kodric mentioned that the market cap for cryptocurrencies now stands at around $700 billion, which was half the amount as compared to November 2017.
Kodric further told customers to consider that “we are living in unprecedented times.” He elaborated that understanding the reasons would explain the backlog issues.
He was quick to mention that the Bitstamp team is aware of the issues and their severity and that he is not explaining the statistics as an excuse.
“I want to be clear here. This is not an excuse. My team and I know the situation is not good enough and we are nowhere near where we want to be. However, this gives background to what is happening, and it is important to explain that properly.”
Kodric then mentioned that the Bitstamp team is actively looking into resolving scaling issues and is also adding more people to its team as soon as possible. He mentioned that the hiring and training process was being looked into promptly and that the Bitstamp team is conducting training sessions to get their new staff to contribute towards resolving these issues as well.
It was also announced through the statement that Bitstamp is currently in the process of setting up a fully-operational call center with over 100 customer care employees so that customers’ issues could be handled promptly. The statement also mentioned that the ticketing system will see an upgrade for active resolution of such complaints and that the verification system and will also be improved for the convenience of customers.
After explaining the benefits of these efforts, Kodric closed the statement by thanking the exchange’s customers and requested them to stick with the exchange as it continues to make improvements to its system.
“Thank you for your continued patience – it really does mean a lot to us at this time. I know these delays are frustrating, especially if this rapidly growing market is new to you. But don’t give up on us. I promise you that the efforts we are making will soon show results.”
Compared with Coinbase, this was handled effectively
Coinbase, one of the largest U. S. based cryptocurrency exchanges, faced similar issues a few weeks ago.
However, instead of responding to customer complaints through Reddit, Twitter, or a statement, the company was silent on all fronts.
It was not until days later that Coinbase started responding to customer complaints and a short statement from its CEO came to light from the social media platform of Twitter.
The complaints against Coinbase are still being registered over social media, and it is yet to be seen how the company will be executing the solutions needed to resolve the reported issues.